A living trust is funded with assets while you are alive and avoids probate while a testamentary trust is created when you die (created by your will) and does not avoid probate.

@Tom Gimer  just like buying with Auction . com once you have an accepted offer you CANNOT change vestings even though I have bought ( well lets say a bunch of them off of this site) I have to follow the rules and I don't like it because I like to change entities occasionally as funds clear up in one LLC... 

I don’t see me having the funds/income to get a loan for $400k+, so is renting my only option?

Funds are available immediately and there is no cost to ither the sender or recipient.

I haven’t borrowed any money to make my transactions(I am quite low on funds currently) and have used only my own cash.

. :0Now, besides RE, all my money in the market is in "Index Funds".

Lenders simply give the "clear to close" letting all parties involved (buyer, seller, agents, attorneys, title rep) know that a closing can be scheduled.Your agent will be responsible for vetting your buyers to make sure they have a pre-approval and can even ask for proof of funds.

My question is what funding sources are out there, alternative or conventional, that would allow two people to buy an established banquet/catering business before it goes out of business?

I'd be putting aside a good portion of that cash flow into a downpayment fund to get into investing.Thanks for sharing.

Hi Roger,$50K is about the right amount it seems to get investors to invest while making it easier to raise funds without having to talk to a lot of investors.