I am not familiar with judicial foreclosures as all my purchases are in a trustee state (NC).

The life of a motivated seller is complicated enough, so a simple name probably works best.

Some states only protect against non recourse if it goes through a non judicial foreclosure.

Btw, this also makes accounting more complicated, as you purchased the asset, but the business has racked up the expenses and income from it.The IRS will want to see that the business purchased the property from you at market value to take all deductions in the business.

You should engage a CPA at some point in the future, Your situation, while not at all uncommon gets complicated in the future when you sell the property as the "rental unit" does not enjoy the tax free nature of the "gain on sale of your personal residence".

I need to get my feet wet with something stable before I jump into the more complicated world of rehabs.

Investing in real estate is complicated and multifaceted.

When partners meet when problems arise the issue at hand can be complicated if any of the partners fail to grasp the reasoning or action taken by another.

Since you don't have a security agreement to govern any foreclosure, you'll likely be ordered to go with a judicial foreclosure and there, you could be slapped with paying your tenant to get them out.Also, the SAFE Act specifically mentions Options and also includes language that leaves any method or scheme that effectively extends financing in a transaction or that attempts to circumvent the intent of the Act.

It really is quite simple despite many wanting it to be complicated.