You will not be able to take conventional financing straight with an LLC, and if you transfer the property to an LLC after closing, you could trigger the due on sale clause.- buy and close the property in your personal name (without your partner)- transfer the property into a grantor trust or land trust (this is allowed and will not trigger the due on sale clause)- assign the beneficial interest from the trust to the LLCIf your partner is contributing any of the downpayment, it gets more tricky.

.- File a lien against the property- File a foreclosure suit, which would obviously notify your mortgage servicer of the delinquency and be a violation of your note, which could trigger other unhappy things like the servicer paying it and forcing you to pay it back with penalties - or simply calling the note due then.

As @Chad Maness and @Alan H. have pointed out, there are a number of solid providers in this town, so you'll have no shortage of suitors ;) Since your current agent is leaving you high and dry, my advice would be to take the opportunity to pick the collective BP hive mind and figure out exactly what type of investment suits you best.

I have some leads, and with the right tutelage, I am ready to pull the trigger. 

The hardest part was pulling the trigger on my first investment. 

Likely moisture and/or rain has been getting through.Mold: General climate in the area is dry, but we get enough major rain showers in the spring and fall that any exterior holes likely allowed water to get inside.Bank offer: Do you think I can actually get the house with an offer at 50K.

When that happens, or when the low money down option dries up, you can always use creative types of financing or simply go to a local lender and get a loan with a larger amount down as an investment property.

What kind of research did you do before pulling the trigger?

Their reward is the security of having a warm, dry place to live. 

I had to take a break from real estate for a few months for family problems and a lot of my contacts have dried up.