We gave them first position so the loan is for $184k on a house worth $230k.

We recommend Missouri for LLC entities that do not have geographic nexus as MO is faster, less expensive, and easier to maintain than AZ, NM & WY.  

In spite of what some think, you don't lose your principal due to usury, though you can easily lose everything from foreclosure.You are not in a position to be greedy, Renee, and it's probably too late to modify your note. 

But for heaven's sake, don't be pessimistic & miss out on good opportunities - stay positive!

How is the county allowed to auction the property, putting me in the position of title holder, only for the bank to take it away with no recourse?

His expenses seem pretty high to me with about $40k/year in materials and $60k/yr in labor for maintaining the park and maintenance for the homes.

Were you ever in this position?

It seems well maintained, but there was some settling and sloping of the floors.

@Rodney Buford, once you've got none of your own dollars left in the deal (usually after refi, if you've been clever/wise), then even $1.00 positive cash flow per month can be considered "infinite returns"!

I have a 4 unit in Chicago that is barely Cash Flow positive because I keep one of the units for myself but barely use it since I spend 99% of my time in the burbs.