Search for any mechanic's lien??

@Harry WilliamsYou should have a sit down with an attorney and CPA to discuss the mechanics behind an LLC.LLC's in itself are pass-through vehicles and do not pay a tax.In regards to your question, each LLC should maintain its own bank account.

There are tax liens, and mechanic's liens.

just curious, worst case scenario what the expected cost might be the rehab the mechanicals?

I am pretty sure with the proper tools and manual I could rebuild a transmission in my car, but the risk of making a mistake far outweighs the rewards, so use a professional mechanic, get a warranty and be secure knowing you made a good decision.My point is, we are not all trying to fly the jet, but do want to ride if its safe and makes sense.

I also have full time HVAC/mechanical on staff as we do maintenance for our own and other property management companies.  

But I'm also wanting to understand the low level mechanics of all these types of transactions (will have 3 day class on lease option soon).For the #3 "OO sues" question I"m still a little confused.  

Make sure you do due diligence such as check for tax liens, mechanic liens, law suits, drive by check for neighborhood status, location, location, location. also study the states foresclosure laws.

It sounds like we are in much the same boat as I am a Mechanical Engineer be sure to check out the podcast as it is full of good info!

Look very closely at the mechanical aspects of the building and obvious code compliance issues.