Not qualified to be a person that puts deals together, but I currently am garnering project interest from the Asia sector(specifically China/Taiwan) with the support of a law firm based in Hong Kong.  

A third party investor will have guaranteed income in a great neighborhood that attracts long term tenantsCONInvestor may pass due to sale price being quite high relative to the income (although the property still cash flows very well if you don't take property management, vacancy, repairs, and capex)Increase rental ratePROMarket could support $1,400 I think, and gets you a better return and is a more attractive deal.

There is no way to know either way until the residential loan underwriter has the preliminary title report, completed appraisal, and any clarifications needed from the appraiser, as well as any updates to the prelim supported by the appraisal, in-hand.

If it goes to market it would be listed at $285k, which the comps support, but I could potentially get it for around $255k by cutting commissions and working directly with seller.

Keep posting, keep learning, keep a thick skin and keep us posted...the membership will slam or support your decisions, you will like certain members' opinions one day and not the next and, in the end, you will find a few golden nuggets of information.

It was losing almost $2000 at the time but we had a plan (and no kids or big house/fancy cars) to hold us back so with my wife's support, I took the plunge.  

Robert Zimmerman Thank you very much for the info and the support!

Supports of having a LLC will only argue there is a psychological security value to having one.

The tenants your trying to contact doesn't sound like they fall in that pool, it's the tenant that say's I understand, I'm sorry, I've worked and found some support and can now figure out how to pay and stay, Will you work with me or is it to late to consider a settlement payment arrangement

An attorney will be able to advise the best type of legal structure to support what you want to do.You want everything to be done in writing and by an attorney, because in spite of what some people think something written on the back of an envelop isn't always going to stand up in court if their is legal president or law making something illegal and as a non lawyer you would have no way of knowing that. 2) You own the property, they carry the mortgage and note that is filed, just like with a bank.