I am considering adding a 500sq' garage loft (separate entrance, appliances, just shared back yard) and then moving out and renting both the main house and the loft separately.

Young professionals want this lifestyle in a new building with a gym and pool rather than the older style NYC living conditions in run down apartments with no dishwasher.

I can foreclose and wipe out this lien, however I would much prefer the DIL path for both total out of pocket cost and time.I would like to respectfully request some help from the massive pool of experience on BP with some strategy advice, advice/tips on locating the lien holder, etc.The summary above greatly simplifies the situation, so please ask any questions of me that need to be answered and I will promptly get the info posted.Thank you!

I always feel these questions are rarely on the up and up, but here goes.Attorney response: it depends.Depends on desired target return, risk tolerance, active participation willing to make, etc. etc. etc.Fire and forget (forward all mail to Tahiti): Drop all $10M with 3-5 HML funds sprinkled around the USA at a solid 8.00% ROI.Work now/Play later #1: 2-3 ground-up multi-use facilities in central Texas (my back yard) paid for with mostly cash.

Many OOS investors set themselves up for failure because they don't truly take the time to understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That OOS property Class rankings are usually vastly different than the local market they live in.7) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.8) Class A is relatively easy to manage, can even be DIY remote managed from another state.9) Class B usually also okay, but needs more attention from owner and/or PMC10) Class C can be relatively successful with a great PMC (do NOT hire the cheapest!)

Personally, I prefer a better tenant pool such as young professionals and more financially stable families to reduce vacancy, so I personally invest in areas towards the North Dallas area and Collins county.

You might be thinking setting up something that makes sense to you for one deal.Bigger picture is family, friends, etc. unless they are ultra wealthy are pooling limited funds to possibly invest with you so one and done or maybe a second property etc.The accredited investors who make large amounts of money each year and already have high wealth can many times be a constant source of funds for deals.

Do they cover detached buildings, pools, fences etc?

The higher your rent, you are limiting your rental pool.

That doesn´t speak for everyone but it sure cuts down the pool to a significant degree.