:)old thread but why bothering with equity partners when you can just raise debt?

Purchasing subject to existing financing and debt are not exotic RE transactions.  

My only comment is to watch how much leveraged debt you take on in your first few years of starting out.  

Cash speeds the buying process because it eliminates a lot of hassles.

A portfolio lender will likely look at the "global" DTI - that means totaling the personal and LLC income and totaling the personal and LLC debt. 

It's kind of like buying a car from a dealer where you pay monthly until the debt is repaid and then they send you the title for the car.

If you are trying to acquire the property, go pick it up at the auction.If you are trying to save the property for the gentleman, you'll need to pay off any debts and probably end up co-signing a loan or something.

For winter storm events eliminating liability is the goal.

I don't regret it one bit, despite being in debt for it. 

Also unfortunate -- your contractor's sealing efforts may have made the problem even worse, since it essentially eliminates dry-out for a slab...