I guarantee you there's ATLEAST one person out there with a MF who's older, ready to get out of the game, and has a neglected property that needs help.  

Further, knowing the tenants have an almost guaranteed steady income, and you can report to chain of command any issues with the tenant.

I told him I knew about it and my wife and I signed papers to guarantee the loan.My in-law thought it would be a great idea to rent out the remaining two bedrooms to university students if she could buy it through our company.

Perhaps they are/were concerned about the LLC demonstrating the ability to service the loan hence require the personal guarantee?

Or are "typical" land contracts inherently non-recourse (i.e. no personal guarantees)? 

One doesn't guarantee the other - just something to think about. 

It's too bad that an attorney is barred from giving guarantees. 

. ($2500)We will provide you with one years’ service and guarantee, and the manufacturers’ 5 year parts and compressor warranty (Goodman unit only).

While South Burlington has a strong chance of continuing to be a popular area to live in, and thus has a strong potential for property to appreciate, this is not guaranteed, and therefore in my mind any investment there is more speculative in nature and a little more risky than buying a property that from day one has a double digit Cap Rate and 30%+ CoCR.

Eventually all of the units sold for rock-bottom prices.Fast forward to 2015 and although not fully recovered, the neighborhood is on the upswing with new construction and is guaranteed to be a more desirable location in the next 2-3 years.