While your proposal may work with non-qualified funds it will not work with qualified funds.

Looks like this is a just a matter of keeping it simple and unloading a non-performer.  

Does pursuing the non-performing note ever pan out by securing a collateral interest in the property? 

I think that if you're repeatedly fined and found in non-compliance, you could end up in court so you need to make sure that your property manager is handling that stuff (and letting you know when its occurring).I have a clause in all my rental agreements that says if I get fined for something the tenant did (like loading up the tree lawn with garbage) - the fine gets passed to the tenant. 

I am non USA citizen and want to know if I open an LLC, can I use my LLC name in the assignment of contract instead of my own name or I still need to use my name?

Non-recourse seller financing loan - Assign contract to entity during due diligence.

I use it for project/task management at my non real estate related job and am planning on using it to stay on task in my real estate endeavors.

@Aron - yes they took all their stuff away but didn't clean the apartment as specified in Move Out requirement. 

The key is to build a rapport with the owner.They need to like you and they need to trust you and you need to do everything very clean so as to do right by them and make sure that they end up getting what you promised you would bring to them.

Also, if I transfer my Colorado rental's VA loan to, for instance, a non-VA 7/1 ARM, would that open my entitlements back up and give me the ability to use my VA Loan in the future?