The lien(s) are still on the home and debt is still owed.A subordinate mtg lien could be stripped through a ch 13 if there is absolutely no equity for that position.

Let them know you're a plumber and maybe you can even pick up side jobs for an investor in return he helps mentor you etc...Check meetup.com for meet ups tooUse biggerpockets as well.....you have 1,000's of people at the touch of your finger on here.

Hey @Sarah S. thanks for taking the time to read this post!

The property was built in the 1920's and no one has ever done lead testing on it, as far as we know. 

The HOA had taken possession of the property and executed a rental agreement (significantly below market) with a tenant to recover the o/s HOA b) This rental agreement between the HOA and tenant expires at end of this year. c) Now that I own this property via foreclosure purchase, can I get this lease terminated (HOA does not have standing).

@Kadisha Petgrave Without knowing more details (how much volume you plan on doing, owner salary/profit split, # of partners and their requirements), I would suggest an S-Corp.

This may be a matter for legal counsel and financing source since you will have to determine how the funds are transferred and who will ultimately "own" the property & building(s). 

@Thomas S.

Before forming a partnership, and possibly before obtaining financing, should I form an LLC/S-corp?

I am also trying to decide whether or not to change the business address to the Florida property for tax purposes.Additional Information: I currently have a small business (s-corp) in Ohio as well as a residential property (which is a personal property, separate from the business).