Again this is not the end of the world, and you could get a much better deal if he can't show any income.I would personally prefer this purchase over a skilled owner...I will get this property for pennies on the dollar versus the .75 cents on the dollar that I would likely get from a semi-skilled owner.

The individual issues are surmountable, but it's the combination (flood plain + low rents + lack of appreciation + bad economy + violence on the street) that made up our minds.

I will be attending the REIA meeting next week to talk to more seasoned investors and I already know the great individuals of the BP community won't be shy to guide me when I ask for help. 

Looking online I see a bunch of large companies that do this sort of work... but I would prefer a small consultancy, maybe just one or a few people.

That's probably preferable to evicting and being able to make a claim on her for the lease.

You should, however, expect to sign recourse individually, meaning the bank can come after each of you in the event of default.

Really it comes down to each individual deal, and you have to evaluate very deal yourself. 

I prefer it in low income neighborhoods.  

If someone wants to put up some of the money and be an owner than either that person doe a loan to the company in addition to his ownership or He or she can get a preferred return from the membership of the company.

I'm individual but there are companies who do the same thing.