Landlords aren't usually purposefully mean and neglectful - just usually overworked and everything get's prioritized.

Over time the circumstances will change for absentee owners.

Based on my past experience with tenants, most will maintain the interior fairly well, but they will ALWAYS neglect yard maintenance even though it is written on the lease (e.g. mowing, trimming, watering...).

You seem to imply the quad needs renovation - is it not yet completed (developer went belly up) or neglected with a lot of deferred maintenance, etc.?

Contracts consummated under fraudulent circumstances can be rescinded and deemed NULL and VOID in certain situations.This is not legal advice however and you need to at least consult legal counsel for a few hundred to see where you stand with things.

Without special circumstances, banks aren't evicting homeowners before they own the property.

It will really depend on the situation that caused the default, extenuating circumstances or financial mismanagement?

However, this structure that was agreed to should not be a model for the formation of other partnerships, as the same circumstances or events may not come to pass.Using a note and deed of trust to ensure performance, other than the promise to pay and the terms of the deed of trust is not acceptable practice and should not be done by any investor.

However, I will say that one must be careful with the whole asset protection thing - it's a very complex area and some courts seem willing to disregard the protections the business entities were created to provide under some circumstances.

Each state has its own rules, so there might be some other variation, but there's not usually too much variation.Send in the completed paperwork and the filing fee and (as long as the name you want is allowable, and the forms are completed correctly) you have a business entity.INTERNAL PAPERWORKThe internal paperwork should be tailored to your individual circumstances.