@Chris Grenier, I'm curious what are some of the specific issues or reasons with condo hotels in the Orlando area that you are recommending against.

Can a majority owner dictate any rules about specific things you can do with your unit?

A very few, usually FHA, do actually approve a specific price before placing on the market.

After looking at a few potential houses, we realized that the Bradford area of Haverhill seemed much nicer and had a better atmosphere that we would want to live in, so we honed in on that area of the city specifically. 

I'm especially interested to hear from anyone with experience in New Jersey, in case any state-specific rules apply.

This is coming from my time driving for dollars and coming across these as owners of a distressed home I want to mail to.Questions I am asking myself are, do I assume LLC owners are other investors, and, for the bank owned properties, is that something I need to find a way to contact someone within the specific bank?

I'd love to connect with any and all investors but specifically from those two areas!

Having a specific plan and being aware of your strengths and limitations is probably the best first place to start, and then it's off to the races!

Give them notice of your intent to foreclose as well within a specific time period, then get your attorney to start the process (it could take some time) if they don't pay the account up.

For most traditional banks, they'll want to see 3 years of tax returns, personal financial statements, P&Ls, and additional support (such as marketable investments, collateral, and/or liquid funds) that will show that you're able to support your responsibilities and repay all debt, but specifically theirs.