Since then I have created an LLC and would like to transfer ownership of that note into my LLC.

Sometime I feel like producing a video about that ownership experience.

Is it true that when partnering with someone on a deal and one person has 90 percent ownership of the LLC and the other has 10 percent ownership that the bank can’t request Info from the 10 percent guy?

These might include Seniors with Long-Time Ownership and Owners with Low Financial Stability Scores (FSS)I agree with the other comments that most people want 5+ year ownership.

There is an incredible amount of equity to be created as well as some very good cash flow during ownership. 

I know what leverage is, I was more asking if you had meant that the advantage to using leverage vs ownership free and clear was the ability to pull your cash out in the form of refinancing.

Usually, the notice to renew or vacate is sent 30 days before the end of the lease, so to expect your tenants to sign a renewal 5 months before is not realistic (I wouldn't sign something like this unless I was extremely clear on my long term plans and the rental deal was excellent - there is so much that can change in 5 months).Ultimately, you need to take ownership of your mistakes - you are supposed to manage the PM.

@Victoria L Richardson Tax Certificate sales are even different....you have no ownership whatsoever, no possession, no ability to rent.

I would start by reviewing the tenants lease to see exactly what the terms are that you will have to assume for his management services and if in fact you would he required to grant him 6 months before terminating his rental agreement.Also, in the event you own the property and if in fact the tenant does successfully put a lien on the property during your ownership, you would need to have a court order to remove it. 

, keeping a tight eye on expenses during ownership/managing, planning ahead for repairs/maintenance and catching things before they become a bigger issue, and just overall being very involved...but before you even get there, you need to get educated...on the market, on financing, legal/risk mitigation topics, property management, etc.