As Eric said, your next stop should be your local municipal court where you should pick up as much information as you can get on evictions.

If I got 100% financing on the property, that would mean that I borrowed $50,000 (since that what I paid) because 100% financing means you are financing 100% of the purchase price, not the market value.

I don't borrow a penny more than I need.

Borrowing money seems to be as routine as it always was.

I agree you need to stop reading and start doing....

Scott, thanks for the response.The idea was only to borrow from my business, not to purchase in the name of my business.

The previous owner started, but then stopped and has abandoned the property.

They know its not worth what you're asking, otherwise, it would have already sold.If you can sell it, but the net is less than you owe, you may have to get a personal loan or borrow from a family member to pay back the excess.

One of the great features of their site is the ability to VOTE on a Startup to show which ones have a strong interest, and those with a strong interest get even more publicity.I'd like to ask that you please stop by the site and vote for BiggerPockets as a Killer Startup!

That will often stop the lawsuit in its tracks.Good Luck,Mike