Could that be a double edged sword if I have to file an eviction?

After I got of the phone with the seller, I did some more research on the property and found out the bank has recently filed another Lis Pendens in January on top of being two years behind on the property taxes.How should I approach the seller and this deal?

You can probably find out what the foreclosure bid was going to be (there is no auction house) the Trustee is on the deed of trust and that note was filed as public record, they may tell you.The investor who bought the note probably paid very close to the payoff, perhaps more with costs to the bank. 

Real Estate Rewind Starting overhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-bookGood Luck Paul

Compare the cost of insurance to the cost to set up an LLC and factor in the annual filing fees and accountant/attorney fees.

Obviously if I do a 30 year I will produce more cash flow.

Real Estate Rewind Starting overhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-bookGood Luck Paul

Even the parking lot maintenance is done by the building owner(he has a business in one of the units).I know some banks and investors don't like to work with separate owners of the land and building but in this situation, the building has already been on the ground for decades producing income.Are there any downsides to just owning the dirt???

Assuming you file a joint tax return why complicate things?

Real Estate Rewind Starting overhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-bookGood Luck Paul