Thanks to the Cost Segregation Study, the property investors accelerated the depreciation that the first year depreciation was approximately $111,100.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

If you went to court you would be awarded money for their gossip that you'd likely never collect and you would be SPENDING MONEY to have a lawyer draft a NDA and to take them to court.

Because of the money involved with lost rents, we are now contemplating legal action along with our homeowner client. 

My previous bank would pay the taxes and insurance when due and collect those balances equally throughout the year.

In my head I'd want to buy a property cash or creative terms with a private money partner for the home and maybe a 2nd partner for the furnishing and start-up funding.

Going this route over high closing costs would save you more money as long as the work can be done in reasonable amount of time.

Take that and multiply it by every part of a property that can be damaged and you see why the insurance companies are losing so much money.To put it in perspective if the mortgage industry was losing money like this no one would be able to get a mortgage - period end of story.

IMO LLC, I have used them for 20 years, I am NOT a tax expert, I would ask your accountant, and NOT get this advice online All the best  

The 2nd part of the question would be what is the family situation how many siblings will inherit the property if the property passes, and keep in mind your husband has his inheritance in that property as well, so you should consider that when negotiating a price.If you can I would try to build a quadplex on the property, this is going to be the easiest way to generate money, and the most stable route for future income. 

Podcast was very informative about private money lending.