Taken to the extreme just to give you an idea: When it's a VA loan buyer, I get excited, because I can start paying off car loans, student loans, credit card debt, refunding Earnest Money, paying for the appraisal, etc, with the extra money!

.* If he were to pass away, how is my investment protected considering I now know that without a deed to the property, note or mortgage on the property the LLC holds no value or protection to me.All of your replies have been extremely helpful, and have made me realize I need to do more homework before investing in any particular deal.

It's Florida, where it gets very hot, doesn't get cold very often and doesn't get extremely cold, but it still needs both cooling and heat.

You too may agree and even think that it is so obvious that it doesn't need to be stated, but common sense is not so common, especially among newbies ... we've seen what taking the "leverage is always good" argument to the extreme can do in markets ... my favorite quote on the subject is from Warren Buffet: "When you combine ignorance and leverage, you get some pretty interesting results."

Risk to us, in the manner he handle it, is extremely low and well worth it based on the time associated with having to deal with the police and courts.

Yes 86 gallons of water seems extremely excessive.

There aren't many multi-family units in the area but it's an extremely desirable neighborhood in a great school district, so we are eager to move forwardAny advice is greatly appreciated!!!

In theory, yes, but the rates are still extremely high so effectively all purchases would have to be in cash to make sense.

I am extremely interested in getting into buying properties at sheriff auctions.  

Toronto is extremely hot right now especially for single family houses.