How does the possible claim trigger probate? 

Welcome  @Cathy Patch The market is moving extremely fast here right now but I think anyone can find a deal if they try hard enough.

This is extremely beneficial if you are a new investor.

So basically theres a condo in to a very good complex that I want to buy and rent out. however the HOA only allows 12/60 units to be rented. its extremely rare for a unit to become available to rent and when it does, every unit gets entered into a raffle to see who gets the rental status.this unit I'm buying is being sold by the original builder of the complex and so has an LLC that allows it to be the SOLE exception to the 12/60 rule and therefore is the 13th rental allowed. now this unit is the only one left under the LLC and so the owner is willing to "sell" me the LLC in order to keep rental status. 

@Melissa Dorman, Melissa, I'm a newbie investor, but one thong you should know is that the market here is EXTREMELY HOT, a lot of homes sell for over LIST price and within days of hitting MLS.

Now I need help Analyzing it just to make sure the number are good and I'm using the rental calculator right way  before i pull the trigger on trying to buy it.

My wife and I own a brick and mortar business and have an extreme entrepreneurial bent.  

If you're a savvy Toronto investor, you've been refinancing your properties and grabbing some extremely low fixed rate mortgages, so you have a bit of cash if the market turns down.Have you looked into other hedging strategies?

Just make a wise choice, know your numbers, and pull the trigger.

Is there a product available to LLCs that’s very similar to a HELOC, that is secured against the asset, but doesn’t have extreme costs like hard money, typical portfolio loans for flippers, etc.?