The other said he made 16an hr and working 60hrs a week, and just had a repossession of a car several years ago, but when I pulled the credit, I see he has multiple collections for varying things that were recent.

Are you collecting all or as much of your HOA dues as possible?

After he receives the $10,000 he will continue to collect the rent on the 2nd unit.4.

The tenant moved out of state and we will likely get a judgment, but collecting on it - very unlikely.

Based on your collective thoughts and suggestions I am seriously re-thinking the investment.

I think the price needs to be much lower then asking and I need to really verify utilities, Insurance & rents collected.

Values do drop sometimes.Also, remember that cash flow isn't actually "real" if you can't collect it (and keep it) and can disappear at the whim of one tenant.

If it isn't good luck on collecting the difference with the tenant.

A couple weeks ago I noticed my neighbors were suddenly gone, but occasionally they'd come back to collect certain items but never over night.

,Let's say you only have $300K, and you get sued and the lawyer decides to go to court and let a juror decide, and they give the person that got hurt $2 million now they collect $300k from the insurance company, and they get a judgment against everything you own regards whether it is hiding behind a corp or LLC.