@Matt Allen  Damn, been there it sucks but keep your head up. 

For me and so many others, that leap from what we knew as W-2 to the unknown where we are the complete net and control every move was pretty damn nerve wracking!

Damn Jim.......

Damn, I may need to move into your neighborhood. 

That said...DAMN it'd be fun to turn a profit!!! 

First thing is that while you may be out of the 15 year tax compliance period, the LURA may continue significantly longer.Secondly, since rental is tied to Area Median Income and not market or indexed to inflation, the usual fate of LIHTC deals is that they get  run into the ground in later years when expenses reduce NOI and when income levels are stagnate as has been the case over he past few years.Lastly, many LIHTC deals have "Hope" type financing attached which means that  long as the project maintains the LURA the outstanding loans may be forgiven but should the LURA be removed, then the loans become due and these could throw the deal upside down.Buying LIHTC deals should always be with an eye to the future in terms of repositioning and/or taking advantages of program issues that provide returns on equity.FYI - LURA - Land Use Restriction

If you were to do this deal do it as a lease to own and pay the back taxes and any mortgage payments that are behind directly to eliminate any outstanding issues.

If you are going to play the trustee sale game, this is the hardest part...A preliminary title search would have revealed any outstanding utility liens.

Damn it folks, thats friggin retarded!

A second time, I will apply a late fee, and if they do not pay the late fee, I will keep sending them invoices each month for the outstanding rent.