I went this route a long time ago after a close friend who's a lawyer told me to save the time and money on LLC's and accounting and keep everything in your name with a large cheap umbrella. 

The only reason I'm hesitant to move forward without this info is that the seller is an inactive corporation - if they dissolve and there are issues with their warranty deed then I don't want to have to pay a lawyer to go after the GP of the defunct partnership to make me whole.

Don’t let your argument hinge on a “forum lawyer”. 

Get a lawyer to help you with this if the amounts are enough or if you need the help to do it.

Piercing the corporate veil is easy (from what a lawyer I talked to said) and unless you are running a large operation I have heard it isn't worth it here. 

David, please talk with a lawyer about this, there may be criminal, ie SEC violations, or at least civil claim you can bring.

CONS: 55 and over community, tenant paying below market rent, the community board is untrustworthy and are accusing us of not paying HOA dues for 2 years, but that's a whole other issue I need a lawyer for.

He was a minority with a minority attorney pro bono (social justice lawyer) who thought they were going to retire on the $2,000,000 they would get me to settle for.

I am not a lawyer.

If any lawyers or Rent by the room owners have time for a quick 15-20 minute chat, I would truly appreciate it.Thanks for reading.