You would need to file a proof of claim for the monies owed and hope you secured it by a deed of trust.

Looking forward to all your responses. 

I think this goes the other way as well.

I know this property inside and out.

Does anyone know what happens at trial?

Welcome to the BiggerPockets community

Imagine you bought a property for $2M.The land (excluding any structures) is valued at $400K.Since land is not depreciable in the eyes of the IRS, we subtract the land value from your purchase price to get your depreciable basis.Your depreciable basis is simply where a cost seg engineer starts from when allocating your eligible assets into either 5, 7, or 15 year property.In the scenario above, your starting basis would be $1.6M since your basis = your purchase price - the land value.Having an accurate land value is essential to getting your depreciation/bonus depreciation calculations right.This is the starting point for any cost seg study that you do.

I would be inclined to not hold on to a cash flow negative property, I see our costs only going up. 

I've owned a Payroll/HR/HCM company for the last 15 years and am now looking to transition my time and resources to help my son with his new Wholesaling and Real Estate Investment company. 

If it's your first LLC, though, it might be wise to work with an attorney to guide you through the setup process and some basic steps to take afterward.