What kind of partnerships are you seeking?

Thanks for the politeness @Adrian Fajardo, I took a look at that property a while back ago but never found the courage to pull the trigger.

Account Closed Yes, the primary insured should be the entity that holds title to the property.If the entity is an LLC, Trust, Limited Partnership, the insurance policy includes language extending coverage to the individuals owners the entity.I have many clients who have closed in their personal name and then transferred to an LLC shortly after closing.

I have always heard and believe that a partnership is a ship that won't sail.

A single entity LLC not choosing to be taxed as a partnership so not filing a tax return is a disregarded entity for 1031 purposes.  

Bottom line, be very careful when entering into any partnership and take it slow.

The wrap lender should then use the wrap loan payments to pay down the first mortgage so that by the time the wrap loan is paid, the first mortgage is also paid off.But in a typical case, an unscrupulous wrap lender fails to pay the first mortgage, triggering a foreclosure.

Knowing I want to pull the trigger on my next investment after it is paid off I'm looking for feedback on what that investment could be and how I can leverage a paid off property towards it (without selling it).

Sorry but buying properties at auction is really best suited for all cash investors or people with other funds already in the reserve lined up through private loans, partnerships, HELOC even, etc... 

We are tossed between should we pull the trigger because we know its a good property and good investment over time or continue to look for something that suits both our living and financial needs?