Hi @Sonu Sharma,  Once the loan is created (presumably using a licensed originator), I would recommend you- make sure the loan is property recorded with the county- onboard it with a servicer, who will manage payment processing and track outstanding amounts due- require that the borrower make monthly insurance and tax payments to your servicer, who will keep them in an escrow account for payments- get the contact information for the home insurance company, many of them should let you be listed as the lender on the property so you can be notified if for some reason the borrower cancels the insuranceIf the borrower tries to sell the property without notifying you, your loan will show up in the new buyer's title report so one way or another you will know.

How would I verify the history of the LLC and if there are any outstanding liabilities that I would be responsible for if I take over the entity?

Also any outstanding utility bills such as water.

Its important to setup the cards and season them with 6-12 months of good ontime payments way ahead of any purchase where you plan to utilize the cards past 30% to avoid unnecessary fico drops prior to applying for financing.You can also open them after you close on your property however if you open too many cards relative to the amount of tradelines you have outstanding currently it may shock your credit history and lower your scores in the short term (6-12 months) because your credit history may not have seen that many cards opened before in such a short period of time.However, if you have 15-20 tradelines with 5+ years on time payments and no late and then you open 2-3 cards, it probably wont do much.

What is the line of credit's outstanding balance amortized at? 

And do they cover just certain areas/states, or are they nationwide lenders?

Bankruptcy information is public record nationwide. 

When looking at historical boom/bust cycles, nationwide we have just eclipsed the previous cycles high level.

The goal is to build an LLC with a good rental property portfolio and use the cash flow to pay off our student loans, and then once those are gone and any other outstanding debts are paid in full (car, etc) begin to focus completely on growing the business and building financial freedom.  

That’s outstanding on 15% investment or $59,250 down.