Yes I have known it to work because the owner is not a push over, enforces policy and can make it run good......however, do you have the right personality to do this, AND if you move out can you continue to have the house run smoothly with no one in charge.  

You’re going to be personally sued no matter the cause of the loss.

I get that you are from there so you are getting emotional and taking my comments personal, which were not my intentions. 

You might be able to get around the fact your entity owns the property by either transferring the property back into your personal name or by some personal guarantee or cross-collaterization agreement.

All it ends up being is one person saying "Is not!"

I signed up with them about 3 to 4 months ago, then found out how expensive the loan was to get going with them and told them that I would self finance it instead but they had to cancel the loan first...they use a company called Special Financing Company..the person I spoke to at REI his name is Paul, he said he would take care of canceling the loan, but a month later I realized that they were pulling $599 out of my bank account.

I would personally put them in notice just because they never tried to communicate it on the back end of fixing it.

Rentals are extremely difficult to make pencil right now but would only personally consider higher end projects because the costs are far easier to absorb than trying to build in lower value neighborhoods.

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

The owner was motivated due to personal circumstances and wanted to avoid the hassle of listing the property publicly.To negotiate the deal, I started by understanding the seller’s priorities.