Housing supply and demand, housing affordability, ownership cost vs renting all vary around the country.We could be in for some rough economic times but I doubt it will look much like last time.

You are not buying the business just ownership of the 2 restaurants correct??

The occupants have no ownership interest in the home (so shouldn't be protected by filing bankruptcy especially since we already had a judgment) and we are trying to figure out our options in getting them out.  

In this case the deed and ownership of the property is still with the owner and not the bank correct?    

Sort of like a rent-to-own, but ownership would never change, only rent would go away.Thanks for any insight you can offer!

When analyzing the returns, we notice that the cost of the LLC ate up into the properties returns.As an alternative to an LLC, we are contemplating on creating a partnership between the three of us and having the three of us have equal ownership of the property.

@Hai Loc: What is the ownership structure of these entities?

In that situation, doing a new move in inspection when you take ownership is the best you can do to protect yourself from any additional damage prior to them moving on. 

Truth be told, I think the 2008+ melt down has worked a sea change in the psyche of this country regarding home ownership no longer being the Holy Grail.  

Note investing is research and capital intensive and requires a good knowledge of consumer protection laws, but once you get a note to re-perform and you are collecting cash flow with no headaches of ownership, IMHO its a very good business model.