Hi @Leah Bonner and Account Closed-You need to research the laws in your state and the procedure for your county to answer this question.  

(Each has their own procedures/process for taking over a mortgage)You will need a copy of the mortgage, and read it to know if it's assumable.Good Luck!

We'll play around with the percentage and see how that works out.We're thinking it would be best if we laid out the roles, procedures, responsibilities and payment in a contract before we proceed with both individuals, so there would be no misunderstanding later on down the line. 

What is the procedure for putting rentals that you have purchased as an individual into the said LLC.

You need to know/read the lien laws and procedures for Your state.  

In that case you have to track them down, take them to small claims court, and then try to win a judgment at that time.This does not even start the collection procedures but getting the judgment........... : ) People underestimate how much work this really is.

However,  they also said forming the individual series is an internal procedure.....something which can be done with a company resolution - that sounds suspicious to me.  

The standard eviction procedure takes over 45 days here and if this continues, I may be an owner of a completely empty apartment complex way before that.On the top of it this is the Communist State of California where tenants have more rights than the property owner.

Is this standard procedure for a foreclosure? 

You got organized and learned how to be a landlord -- you made a lease, got a lawyer, set your criteria, got some forms and made some rules and procedures and decided how you would manage (or hire out the management and interview and set up someone)You marketed the property -- how much time and money and energy did you put into that?