Now lwts assume The house is 20 years old and all the mechanical systems are nearing the end of their service life.

In the hood, with abandoned auto, and known squatter with entitlement issues.

Also grab this book if you can: http://www.amazon.com/Landlording-Auto-Pilot-No-Br...It's mainly about Landlording but you will get an overview on the other possibilities in RE investing.Join www. redfin.com for a free account to start looking at what's for sale to get an idea on where you're going to land. 

I believe most banks are relieved when I take over payments as my payments are on auto draft and any back payments are caught up.FYI- I have only dealt with big banks and no credit unions to date

I know a couple rehabbers who insure through auto owners.... find a good independent agent who writes through multiple companies and odds are they can hook you up. ... or google the above companies and find a local agent. 

I am a mechanical engineer myself and I viewed the boiler, AC and roof and all were in great shape.  

There should be no reason you wait with bated breath hoping someone doesn't pay so you can kick them out - you should already have the mechanisms in place to do it for the reasons you really care about if you need to.

Ask about the mechanics of a quit-claim deed to transfer the property to your LLC.  

I don't do case law I do what is reality.. a cloud on title will keep a property from selling unless a buyer is willing to take title with the exception ( which most aren't and no lender will allow) believe me I have been there done that with title companies and clouds on title be it this type of issue or mechanics liens they will not bond or write around them without a huge deal and a individual investor is not going to get that to happen.

Thanks for the welcome, Chad.Windsor is right across the river from Detroit, and is an auto town through and through.