Does anyone have experience or advice of how i should proceed?

He said they put each house under a separate LLC in case they ever get taken to court.

It can be done but the courts don't like to do it and if the tenant fights it, the process can drag out for months.2) if the tenant is on a month to month then you or the current owner can give notice according to the written agreement that is in place.

I was mostly in single family rentals at the last crash and it about killed me....it was eviction court every week.  

I will keep you posted if we decide to proceed or not.

As I have stated in my posts, proceeds will be recycled into the other holdings.  

I'm ready to repeat and looking/analyzing deals every morning.Here is my question:  If I buy and rehab and then don't find suitable tenants how successfully can I proceed to the refinance step (assuming I am 70% or better LTV)?

Then he proceeded to hire employees that would live there 24 hours a day and manage the assisted living facility for him.So he bought the property and then retrofitted it to be an assisted living facility.

Just be prepared when/if you have to go to court and you should be okay.Hope it works out for you.

Most of that is urban legend although there are some "Original Doc" states where the courts require the lender/bank/servicer to produce the original note.