Some states will give the underlying land while others will give the land but expect the newer owner to compensate the old while still others would require the owner to compensate the person who performed the value add.

As Jonathan mentioned it can be done, but they may require an appraisal of the property. 

Send a Lease Violation Notice immediately - by mail with proof of delivery required (cheap date through post office) and or affix the notice in a envelope with his name on it on the door of the unit. 

If the LLC is the maker on the note, there's a good chance you'll be required to personally guarantee the note.

The vacation side is more of a business and requires a lot more work but the affordable housing side is less labor intensive. 

Purchase price: $275,000 Cash invested: $45,000 Sale price: $410,000 Contributors: Adam Schooley This townhouse, which had gone through probate, suffered from significant water damage to the drywall and required updates throughout.

If you are passive in those rentals (not real estate professional for tax purposes which requires 750 hours of real estate), and your Modified Adjusted gross income is over $150,000, then the cost seg is not actually going to save you any taxes. 

@Andreas Mathews admirable, but make sure you do some research so you understand what a PM can make.Starting your own PMC business will require 75-150 doors to make a decent living, depending on gross rents and your fee structre.Working for a SFR PMC as a PM, will require a RE license and you usually get paid a percentage of the gross rents the portfolio of owners/properties you manage generates.

Also be cautious for you partner certain activities do require a real estate license.

Fix and Flip -Requires a minimum down payment of 10% with 100% of the rehab financed.