Hope this helps!

I join with the hopes to gain knowledge and to eventually, make my first real estate purchase.

People lose property in foreclosure all the time.  

@David Kelly Exactly the perspective I was hoping for.

I would put no other assets into this entity such that, if it is sued, there is nothing to lose. 

They are hoping to take advantage of the new owner.

How long did you hold onto the condo for and did you lose money on the deal, or was it all ok but you feel like things just would of been better or faster going the single family home route?

Hopefully you won't lose too much dough.

; )Hope this helps.

This is a pretty standard rookie mistake- don't just grab lease from one of us yahoos and hope it's okay.