I want my tenants to feel comfortable with what they are signing, as I know that some of them have been taken advantage of by less than upstanding landlords.

I constantly warn people that there is simply too much risk for the average person in an auction: House full of mold, honoring the existing tenant’s lease, meth houses, current owner pouring concrete down the pipes to spite the new owner, evictions, finding out you just bid on an inferior lien (like you just did), municipal liens, back-due child support, IRS liens ... the list goes on and on.At least you only lost $16,000.  

I'd be interested if it meant I could get a project going sooner, but only if I felt comfortable with the person/price.  

I’m just now getting comfortable with the idea of OOS investing, but I have heard horror stories.

I am comfortable with paying progressively higher fees to a sponsor that out performs which is the example that @Enrique Huerta has highlighted.Also, the LP typically own’s all of the equity and the promote is an allocation of cashflow or returns so not technically an allocation of equity in the deal.

t=52 it says you won't be able to rent to your son and his family.In the bill it says "§ 214 (G) THE LANDLORD SEEKS IN GOOD FAITH TO RECOVER POSSESSION OF A HOUSING ACCOMMODATION LOCATED IN A BUILDING CONTAINING FEWER THAN TWELVE UNITS BECAUSE OF IMMEDIATE AND COMPELLING NECESSITY FOR HIS OR HER OWN PERSONAL USE AND OCCUPANCY AS HIS OR HER PRINCIPAL RESIDENCE, OR THE PERSONAL USE AND OCCUPANCY AS PRINCIPAL RESIDENCE OF HIS OR HER SPOUSE, PARENT, CHILD, STEPCHILD, FATHER-IN-LAW OR MOTHER-IN-LAW, WHEN NO OTHER SUITABLE HOUSING ACCOMMODATION IN SUCH BUILDING IS AVAILABLE.

You can do a quick (free) title check to get comfortable with the ownership before going very far.  

Now that I am in charge, I'm trying hard to address their issues and make them feel comfortable.

PM me if you have Q's or need a good CPA.thanks so much - (un)fortunately, our other properties are showing positive cashflow, so noqualifying as a RE pro - not sure. we own 13 units, and all except this one are being rented, but its strictly a part time gig...refinancing - we've been back and forth on this. bottom line we are not super comfortable with the area and want to capitalize on the current high market pricesthanks again 

To give myself ultimate comfort I want to advertise and “verbally” confirm a tenant or two.