I will talk to him and see what his feelings are. this is a great way to make sure the bank is happy and to keep things easy to manage. just have to work out contracts on how to work the LLC.

It will make a difference as to how they view a loan workout.

You have no history or track record of stable income with the property.You have to pay special attention to the leases and if anything is bad on them or need clarifying have the tenants sign an amendment to the leases before closing.You would do better to have say a 90 day option period and then if the property doesn't work out just hand it back or if it goes as planned then proceed to closing.You are putting a bunch of money down and the income doesn't have a stable history yet plus it is surrounded by SFR houses and it seems overpriced.Lot of negatives on the face of it.You can get a list of all the repairs and upgrades during due diligence.

Since there were some repairs that I wanted to roll into the mortgage, it didn't work out.

I'm curious peoples experiences with how things work out as you scale up in units per property.

Your concept of purchasing a non-performing loan as being predatory is not true although it is refreshing that you are not a blood sucking vulture :) There are varying lots of borrowers that are defined in non-performing some desire to work out the loan, some just want to walk away and some are undecided.

If the deal doesn't work out, we were all wrong in our analysis.

Can our modifiction benefit from asking for proof of ownership of the note in our answer or is the forclosure department completely seperate from the area that hanldles the work out?

It looks like Goodman will work out okay and that I need to focus on a good installer.

Instead of thinking evict-court-pursue judgement-try and collect on person that is uncollectable, I'll always try and work out a promissory note with payments instead of using the courts where I can.