For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Are there other legal or financial consequences I should be aware of?

Do not rely on it for legal advice.

This is for basic informational purposes I am not an attorney and this is not legal advice.First, if you offer to purchase a property using a HELOC to fund the purchase you cannot later back out of the agreement because you couldn't find PML or investors.  

So, we decided to ride it out and go through the legal process.

LLC's main benefit is from a legal perspective.

Many would be surprised to learn that about half of all states allow discrimination based on marital status, meaning a landlord can reject applicants that are not related and not legally married.As always, it's important to know the laws of your jurisdiction.

we pay a LOT of money for legal advice, legal document preparation, etc., the result is that we aren’t challenged when we need to take ownership if the borrower can’t perform.    

It's literally broken the LEGAL immigration process.