However, the debt would still be in your name unless you somehow paid it off prior to the Parking Arrangement. 

I'm sure you had a plan prior to purchasing your first hold but if worse comes to worse you could always wholesale your deal.

I had wondered what would happen in the event a spiteful owner signed 10 year leases for $1/mo just prior to losing a property to foreclosure.  

If its an occupied foreclosure where the bank "knows nothing" and there are "no interior inspections - do not disturb tenants", at least visually inspect the exterior for signs of deferred maintenance and look for signs of occupancy like an empty mailbox @7pm, lights on, car tracks in snow, prior to making your offer. 

Good afternoon everyone,I am looking to form a business entity prior to acquiring my next (2nd) property.

In that instance, any rent that was due prior to the filing of the bankruptcy petition is put into the tenant’s bankruptcy plan and is treated as a secured claim to be paid at 100%.

 Questions about eviction in Texas:Please tell me if a land lord can enter the property with out 24 hour prior notification just to look around. 

Over the long term, I'd like to buy and hold to generate passive income but prior to doing so, I have to generate funds.

So if they are on month to month you have to let them know prior to the first of the month of rent increase.  

We do not accept anyone with prior evictions or bankruptcies within the past 7 years.