Strip out the equity using HELOC's so no equity is available to entice a lawyer in the first place; get good insurance, and only if you are literally expert in property management should you be managing units yourself.

SEC 8 works like an insurance program for both the tenant and the landlord.

Real purchase price - $3500Rehab - $4000Lot Rent - $164 per month Mortgage - paid cash Insurance - $350/year  or $30/monthProperty Tax - 653$ per year  or 55$/monthRent - 575$/month  - never been late never missed payment I manage my properties at the moment so I am putting all rent money aside for repairs and re-investing 326$ Left for the account every month After this property went smoothly. 

I will be going in at 20%, so looking at $4k a month in mortgage, taxes, and insurance.

So when you do that does all of the profit/proceeds have to go back into the 401k plan?

Then he'll have to initiate foreclosure proceedings to enforce the lien within 2 years, at which point you can argue if he breached the contract.

In addition, your holding costs are way too low.Holding costs - Prorated property taxes, Insurance, Utilities, Interest on loans, LandscapingBest of luck!!

Currently being sued for a frivolous lawsuit by ex-tenant and the suit was being handled by Insurance Company (top name) whom I have both Landlord's insurance and Umbrella insurance through. 

I was wondering who is entitled to the property and proceeds if sold?

Being a member of a protected class doesn’t provide extra privileges it is used to insure equal treatment