Your position is that setting up a multi-member LLC is more expensive than a trust...lol

Unfortunately, I paid him most of my rehab budget but the work that was done was horrible. 

Consider factors such as site preparation, ongoing maintenance, marketing expenses, and potential income from bookings.

It's also likely to be more expensive than what you have now but that's all relative.

hard money is expensive - you'll probably pay 3-4 points for that loan. 

I funded a few distressed property sales, the investor had skin in the transaction, my money came in last, my funds never left escrow and I was paid back through the HUD-1 (closing settlement statement).  

Vacancy is an understated expense, besides the lost rent there is painting, cleaning, and other repairs.

Yes, it's the foreclosure on those liens that gives the ownership interest to the buyer; buying the liens from the HOA just gives you the rights to pursue the foreclosure (and the associated expenses of that).

Based on comps and speaking with realtors we figure I can sell my home and after paying off my mortgage and selling expenses I could net approx 750-900k, depending upon the sale price of course.

Own a rental single family home in SW FL that cash flows about $1000/month (after all expenses, and my insurance nearly doubling over the last year).