One thing to keep in mind @Samuel Quinones even if you go the LLC route you will be personally guaranteeing all loans given to your LLC. 

By leaving the arrears in the rent side of things, I would think that he is doing you a favor, guaranteeing that you can collect all the fees.

(Follow-up by asking if that is truly the least they would take.)Will you consider leasing the property to me with an option to buy if I guarantee the mortgage payments and maintenance?

., higher rate, personal guarantee, more down payment then with a 2 to 4 unit. 

What is your Guarantee?

I believe the bank will assign their rights only, but they wouldn't guarantee a vacant home, or provide any other reliefs for me, in the contract that i would sign.

The reason is that as a disqualified party to the IRA, you may not pledge a personal guarantee on any debt instrument.  

If you are highly leveraged then I hope you haven't personally guaranteed the loan because your corporation is likely to go bankrupt. 

If you follow these five steps, you will be guaranteed to make your deals happen!

We run a 98% occupancy at any time, guarantee all tenants we place by paying for their evictions (we evict less than 1% of our tenants annually), but most importantly, we understand that our clients' properties are highly valuable investments, and treat them as such.