It would cash flow around $700/mo after taxes, insurance, and deferred maintenance.

You'd still have to put up some of your own capital and give up some upside however you'd take massive risk off the table.Another option; get a 50% LTV 1st Mortgage and use the proceeds to buy more properties that generate income day one.Land development is a high stakes game. 

Anyway, any help in how to proceed with an eviction would be much appreciated.  

Stop issuing 1099-MISC with box 7 "non-employee compensation" instead of box 1 "rent"Stop including refundable deposits in rent incomeProvide annual reports clearly delineated by propertyLearn the difference between maintenance, repairs and improvements and report accordinglyReport insurance reimbursements separatelyProvide supporting documentation: itemized contractor's invoices, insurance adjusters' reports etc

I had good relationships with my Realtor, insurance broker, and contractor.

And he misses out on all the benefits of it being owner occupied, like tax exemption from capital gains because he doesnt actually own the property.I bet he isnt properly insured on the property either, because if he insured the property in the llcs namr, the lender would have been notified of the change in coverage.

Good afternoon,If a tenant fills a claim does it always go to the owner s insurance or is the Property managers insurance also responsible ?

I think I have a pretty good idea how to proceed.

All we have to ensure is that the proceeds are used for business purposes. 

@Josh Caldwell and @Jeanni Prescan i just settled a property this week where there was a holdback (an escrow ) set up to cover PA State Inheritance Tax liability, and I had another one two weeks ago, so I've had money taken from the proceeds on two settlements in two weeks going to Dept of Revenue for PA Inheritance Tax.We've also had hundreds of settlement, where the owner of the PA real estate lived in another state and "assumed"  that since they weren't PA residents that they didn't have to pay the Tax.