I'm thinking your divorce attorney didn't earn much as what should have happened is that you give up the second home, have him assume the debt under court order and that you be removed from the title and the mortgage, while they usually don't, they can when specifically addressed.

I live 12 blocks away from the building and would manage it myself.So, wise people, assuming the future looks like today, what would be a steal of a deal for this property?

Assuming the market stays essentially flat for the next decade, I am thinking I will look at the mortgage and determine when the house will hit 25% equity, and agree to get the owner off the note around that time (25% EQ + 6-12 months cushion).

You're getting over 2% in rent on purchase price and only putting 15% down... assuming 50% expenses you're still at a 20% CoC return even with a 15 year mortgage... sounds like a great deal by my standards.Taxes are a touch high for the 50% rule at over 10%... you're insurance is crazy high on that cheap of a place (mine are $600 - 800 on $70k purchase price).

I'm assuming you will be managing this property yourself?

The landlord can put that in the lease but it doesn't mean it will hold up in court.A judge will likely throw that part of the provision out and make the landlord go through the normal eviction process.We have a clause where the rent is late on the 5th and then an eviction fee of 150 is added on plus 10 dollars a day for each day they are late.The judge gives us the 150 and back rent as a judgement but sees the 10 dollars a day as excessive in most cases and will not give to us.We have it in there to make the tenant feel the heat and want to pay the rent instead of letting 10 dollars a day accrue.I am sure it is the same way with this other landlord.Most of their tenants are probably not fully educated on eviction law.So they assume they must leave by the 15th because they signed the paper.

As a function of the chess game I would assume they do file Lis Pendis on you but give you a little time to see if it will sell.

In my case, I'm assuming this account wouldn't exist anywhere on my single member LLC's balance sheet?

And I assume they're paying a PM to manage it as well.Granted these numbers probably aren't as bad as some of the #s from the boom period, but I was surprised that the buyer didn't at least try to negotiate more on the purchase price, especially since it was on the market as an REO for months.

Grant Kemp since you posted in the "Starting out" forum, I'm assuming you're starting out.