Readers are advised to seek professional advice

Readers are advised to seek professional advice.

Readers should seek professional advice.

Readers are advised to seek professional advice.

Trying to keep a handle on investments across country can be painful.

Selling, then renting involves moving twice, which is a big pain.

The Internal Revenue Code permits business deductions only when the taxpayer is engaged in a bona fide profit-seeking activity.

If they were the broker, I would attempt to reach out to the lender & their draw department and seek guidance asap. 

What is the amount of the lawsuit - ie how much they seeking?

I have read that acquiring bank loans in some ways actually gets easier as the bank cares about the NOI, CAP rate etc as the basis for the loan and not the individual behind the company seeking the loan.