Cons: Proper Due Diligence is required by both parties on their partner’s capabilities, track record and Integrity.Exit strategy can alter - depending on possible uncontrolled factors like: Change of circumstances for one of the partners, Market climate, Availability of funding.

It depends on the circumstances and the details surrounding not only your existing property, but also the details surrounding what you intend to do with the proceeds of the sale.

@Will SchryverUnder no circumstances can your own 401k invest in a LLC that you control.  

Maybe, again, depending on the specific facts, but the answer is, yes, under the right circumstances, you definitely can contact the tenant from a legal standpoint.

That would be an IRS no no and his entire account would be subject to liquidation from its tax deferred statuses (a full distribution), taxes would become due as well as a 10% additional tax penalty.Your friend may have even more problems here unless I am mistaken on your explained circumstances.

Nowadays, cash-flow in SA seems to mean that it covers expenses, without much cushion for the possibility of market fluctuations after an extended period of appreciation, or unforeseen expenses.

Thanks @ramon. my job wouldnt let me leave earlier under any circumstance.

Some states, like CA are more known for their courts allowing the "piercing of the veil" to go after the individuals, but really, in most states it is difficult in circumstances where the LLC has liability for something that happened as a result of the good faith actions of a members where the entity wasn't just a shell entity, but an actual entity with multiple members acting as a company for the purpose of doing business. 

For  1-4 units FHA  when your short sale was due to loss of job, family death ,divorce or other circumstance you should be able to get a mortgage with 20% down after 1 year  10% down after 2 yrs and 3.5% after 3 years There is also new guidelines on self employment income depending if you have given your self a pay check or you have a salaried first job etchttp://themortgagereports.com/18303/mortgage-self-...

Now that I am an agent I can write my own offers and I find that I have a high acceptance rate so far, in other words I don't bother to wirte an offer if the circumstances are not such that I can reasonably expect that it will be accepted.