If there were any city or 3rd party inspections for construction, it would be here.Occupancy.

We even have third party inspections in case there is anything we miss. 

As the strategist in putting together deals you must concern yourself with 1) end goals of all parties  2) experience and skill of all parties  3) the fears of all parties  4) the emotional condition of all parties 5) The risk acceptance of all parties 6) the comfort level of all parties and 6) your strength of relationship with all parties.

As for the pet part, I would follow your standard lease option. 

I have come up with some estimated numbers that look like this, after it is renovated:$700 mo X 8 units X 12 months =       $5600 mo/$67,200 gross projected income$67,200.00 - the operational expenses of 35%   = $43,680 NOINOI/10.5% CAP = $416,000.00 $416,000 - $180,000 rehab *(being conservative and assuming all work so far, aside from new material not yet installed, is a loss due to unlicensed work). = $226,000.00 asking priceDoes that seem right?

2) From the buyer's perspective who's solicited a seller to sell their property, who's real estate attorney or title co. should be used to carry out the transaction in the best interest of both parties?

I would be more concerned about the parents' willingness to pay repairs when their kid has a party and wrecks the house.

Use skip trace services, then genealogy then PI in tgat order to conserve costs.

Seth,To fully be 50/50, you will need to get the bank to lend to the LLC, and have all parties as guarantors.  

Those who wish to be more conservative might choose to rent for 24 months or longer.