If you are not able to pay them back they can come after you for everything. it does not matter if its a LLC as the personal guarantee is in your name.I would be very careful over leveraging yourself. 

back side of unit 2

I'm looking to jump back in but need to explore new strategies and may be out of touch with the market.

I had a client unexpectedly terminate (they are being forced to come back to the US for visa reasons) and they are going to manage the property moving forward.

And Ashford Hospitality decided to hand back the keys to a 19-hotel portfolio to the lender.The transaction outlook for 2024 is constructive, with investors eager to get in on a commercial real estate sector that is poised for more growth.Here are several graphs illustrating the current national commercial hospitality market in The United States of America:Full Commercial Hospitality Market Report Here: https://d2saw6je89goi1.cloudfront.net/uploads/digital_asset/file/1189854/United_States-Hospitality-Capital_National-2024-03-10_a.pdf

if it's already gone to auction, it might be too late. it's a complicated process to try to get the bank to back out of that. and as the other commenter said, all owners have to be totally on board with your plan. not only are most sellers not down for creative financing, but those being foreclosed on are typically even less cooperative (i realize that makes no sense, just how it is), and divorced couples even LESS. i think you're putting the cart before the horse here in looking for a TC. for future deals, you can find a TC in pace morby's fb group. 

We are wanting to get back to being self-employed but are at a loss for what steps to take next. 

I'd highly recommend giving it another look if you aren't able to invest in your back yard.My typical deal in Detroit is $75k-$95k on a SFH including the rehab.

Lending standards are tight across all lender types, and regional banks are scaling back their pace of originations.

We had zero regulation over STRs here for a few years when Airbnb first started back in the day, and truthfully it was bad: whole blocks of downtown were basically hotels for a little while there and it started to feel more like a commercial district than residential.