You can network with like minded individuals and get all your questions answered.  

Let me run a scenario by you... and here I'm just playing devil's advocate I'm sure you're already frustrated with this individual and sounds like you've already made up your mind.Scenario #1 tenant breaks shower door:Tenant doesn't disclose to you that they broke it and moves out only to leave you with a large amount of water damage AND a broken door.

Individual cases aside, if your risk is too much of the probability (such as East Rift Zone 1), you eithth have grandfathered policy, uninsurable or premium is astronomical.  

Or is the procedure identical to setting up a regular series LLC, except that the 401k trust will be the sole member, instead of an individual person?  

@Vernell D Watson   having a license on Virginia and Florida and flipping, wholesaling, holding properties since 20069 I have not get any issue yet, I do disclosure that I have a license in front,  regarding commision,  depends,  if the deal makes sense, I prefer to give up the commision and get the deal,  but if  the deal is big I do work out the commission.   

I would then try to locate the owner and do anything necessary to get them to sell to me preferably with owner financing.

My preference is for residential multi-family at the moment.

I'd hate to jump to any conclusions, however my gut tells me there are a slew of laws broken here: I just looked up "real estate fraud crime" and here's the definition: "Real estate fraud is when an individual or agency uses false information or misrepresents the information for any real estate transactions."

The public records show a QC deed on file granting “an undivided 1% interest in the property to (the individual owner) for the grantor’s lifetime to do with as grantor pleases.”

Increasingly tenants prefer to pay by Venmo.