Don't execute a quit claim deed as a deed-in-lieu-of-foreclosure which can be circumventing foreclosure laws.

He claims he got a notice that the Bank has started foreclosure on his vacant property, but never a final notice from the bank or a court hearing, etc.

When I make claims like "no balloons", just know there are many caveats that go into that statement.

Education, yes, but I seriously doubt to the extent claimed, especially being a CPA.

They belong to the tenant until a legal claim is made against them.

It's an accident (and potential liability claim) waiting to happen.

Are you buying this claiming its going to be occupied by you?

My eviction team says that the judges here won't take the tenant's word on payment issues and that they must have proof of rent that they claim to have paid.

Once you hold the actual promissory note, you "Automatically" have priority to all other claims.

Taxes: A business can claim much more deductions than an individual (this is a fact) in addition it is much easier for a LLC or S-Corp to qualify as a Real Estate Professional than an individual (the details in IRS publication 925 look for qualification of "Active participation").