I could use some guidance here.I'm looking at a scenario and I'm new, so any ideas or inputs would  be great.I know a guy ready to give his house over to the bank because he is going broke.I'd like to try and buy his house for a great deal and make it a rental and I'm trying to think of the best technique. since Interest rates are high right now, I dont wanna open a new loan and get locked in at a high interest rate on a potentially long loan. so I was thinking about that promissory note idea. where I promise him to pay his loan payment and it stays in his name, assuming he has a better interest rate than what I could get. any ideas on that tactic?

If you marry and stay with the wrong person, you sabotage your chances almost entirely.The media always highlights colorful outliers among millionaires like movie stars and business tycoons.

Can I somehow stay on as a personal guarantor of the loan but still have the protection of an LLC?

If you are looking for appreciation i'd recommend staying north of the 16 and west of the 705. 

@Michael Ross - looked at it from a 'qualitative' perspective -- I'd stay out even though 'quantitatively' it looks spectacular, just my 2 cents.Looking to see what the more experienced posters here think.

“Your Honor, he told me I could stay for free as long as I paid the utilities”.

I hate it in my personal house, but it stays for now.

He says he is very interested and knows my other tenant who is still staying in my other unit (unit A).Somehow I am bit worried renting to their “circle of friends”.

The building is older but the condition is all newer - and the appraiser was surprised - in her own words - of how nice it was on the inside compared to the exterior age.

I keep hearing bits and pieces about a rental strategy that is best called "Renting to the Disabled by the Room for Above Market Rent" that goes something like this: (1) Buy a house with as many legal bedrooms as you can that still has a decent sized common area, (2) rent it out to the relatively high functioning disabled crowd, (3) via some [unnamed] Government program the State pays above market rents for each of the tenets. (4) Send a house keeper 1-2 times per week to ensure the place stays clean and otherwise make sure there are no issues.The up side is: you get above market rent with a much higher than average tenant count.