That was a few years ago and in a different market though.I moved back to the South Suburbs of Chicago last fall and remembered BP.

What happens if the HOA falls apart, or does that not happen?

If you decide being an active landlord - as opposed to being a lender/silent partner - is the direction you wish to go, then I would suggest you look at entire buildings in addition to (or rather than) condominiums.  

Also, don't fall for the idea that multies are "safer" because they have more doors.Anyway, do a very strong due diligence.  

I have done it many many times to sell my OREO... its no big red flag.MH fall under the safe act so one needs to just check with the state where the property is located and then worse case scenario find a MLO to run the paper work for you and make sure its a qaualifited mortgage  ( just a term)

Its crazy what some people will try and its unfortunate that some people will fall for this.

Look for the larger Towns and Cities in the Fall.

If some one slips and falls, i'm assuming they can sue the LLC (which only has what is in the bank account). but can they sue me as well?

While I agree that fear and hesitation can be helpful in getting us to be more meticulous in our approach I think that humans can also end up falling into the trap of some other dangerous traits which do cause us to be our worst enemy. 

At times I felt like I was doing a "trust fall" with Patrick catching me.