I didn't spend a lot of time worrying about my wife's part, I just focused on doing my part really well and the rest fell into place.

The worst part is Bexar County allows this to occur and taxes keep accruing, often times making the tax lien greater than the actual value of the property. 

So, what part is hypothetical?

Otherwise if the property is owned by you personally and the rental agreement is to the LLC then you would both be parties to any lawsuit and potentially both parties liable if liability is found against you.  

This is a  "Subject-to" transaction, hopefully using two notes.A seller is willing to take I/O for 20 years is probably 1 in a thousand and they will be taxed just as Greg is, make that 1 in 10,000.I'd bet Greg doesn't mention the other issues with a Sub-to, foreclosure, Greg can only foreclose on his interest, that could be paid off, the note to the first seller is pretty worthless, that can end up going to the state in a medical issue, then there are risks of bankruptcy, law suits by other parties, collections and servicing, deed transfers, insurance, liens and the list goes on, which is why you should not do long term subject-to deals.      

@Paul Kessenich- in Nashville, the target market for these larger home is bachelor/bachelorette parties and other larger social functions (reunions, weddings)That is another degree of risk for long term.

It occurred to me there might be a third party service that can provide the "assessor's role."

Pretty late to the party here, but I am looking at a property in Villa Rica.

Some of my concerns include: No third party oversight of the underwriting process—REITs have equity analysts, quarterly audits and SEC regulation.

This is going back a ways so my recollection may be wrong.A litigation guarantee is issued with respect to some legal action (a quiet title or foreclosure for example) and is geared towards identifying parties to the action and protecting you from future claims of omitted parties.