Talk directly to the home owner,see what they are doing to remedy the situation and feel them out as far as being potwntial seller before the foreclosure takes place.

For every 50 people who say "You have to form an LLC if you own rental properties", there's another 50 who say, "No, just get a good umbrella policy".Here's my situation........My wife and I purchased a single family home in NY a year and a half ago and have been fixing it up (don't ask why it's taken so long.

What would you factor in creating a win-win situation for yourself and the GC?

I know its situational but I would love to hear some anecdotal opinions. 

I was looking at buying my first rental property in the spring but my financial situation improved faster than I anticipated and it looks like I’ll be able to purchase by the end of August early September.

But a lot depends on you and your situation.

It’s also much easier that way, I have had active partners on flip projects which I know would be different than the rental situation but everyone having different inputs makes things almost impossible.

I have a few goals with this:First, I would really like to help others avoid the headaches we went through with this builder.Second, I am trying to get their attention and force them to settle so I can pay someone else to come in and do the work properly.Last, the most ideal situation would be to get them to buy back the house and we all go our separate ways.

I understand there are a lot of veriables and no one situation is the same.

On the surface your situation is not that abnormal.