If it doesn't sell the junior lean holder needs to clear or arrange payment of senior liens.

Maybe this is an exceptionally rare event, and I really don't know your arrangement with Tim.

I will see what the rates are  and whether this is a good option.Selecting new units, arranging financing, choosing new tenants are all things I don't want to contract out.

Even if negotiating this arrangement the eviction process does not stop. 

When you do visit make sure you have arranged access to the interior as states vary and getting inside can be problematic.

First off, if I needed to, I can have a RE asset liquidated within 7 days to a cash buyer, 30 days to a financed buyer, and with my group of private investors, if I needed cash, could easily make any one of several calls to arrange a trust deed investment in which funds needed would hit my bank account via wire inside of 3 banking days.

The company that I bought from arranged everything I needed.

Not to mention water/utilities depending on current arrangement and repairs.

I think one way to look at it is from what takes the least amount of time to most amount of time:-Investing in hard money funds (takes none of your time besides the initial vetting of the fund)-Investing in trust deeds originated by brokers (takes some time to sift though the brokers deals they send and pick and choose the ones you want to invest in, analyze the appraisal, the borrower, the paperwork)-Investing in trust deeds you originate all yourself (takes even more time to find borrowers and arrange everything and do all the due diligence yourself)I think a lot of investing choices depends on how much time you have or want to spend, and if you want a J.O.B or an investment.  

Every situation is unique, but what is a typical arrangement for a partnership where one party isn't bringing much money to the deal but is willing to do all the management, maintenance, red tape etc?