It's better to buy what we call "Ugly Inventory" to then close renovate and borrow off the new ARV.

HOWEVER if you are Trying to ACQUIRE the property and the borrower on the Note is now deceased - the ONE Big question (among others) is How do you get marketable and insurable TITLE Transferred over to you SUBJECT 2 that existing debt?

Borrower does not qualify for institutional financing3.

This can be an extremely time-consuming and frustrating process but needs to get done.Borrower Calls – Once the servicer finds your borrower, they’ll make scheduled collection calls notating what transpired and what actions need to be taken.Collection Letters – A variety of collection letters are mailed out based on the delinquency of the borrower.Borrower Statements – Print and mail out monthly borrower statements.Incoming Funds from Borrowers– Any incoming funds from the borrowers will be received, recorded, and distributed to the investor, less the servicer’s fees.Year-End Tax Information – At the end of the year, the servicing company will print out all eligible borrowers who have made interest payments greater than $600.

That is, the Provisions, to my knowledge, require a formal vetting of the borrower taking into account that borrower's Debt to Income Ratio, along with other metrics.The following situation has arisen which is this:  I have lent to a flipper on several flips in the past. 

For example, to take out a note to where the llc is borrowing money from us?   

It is what it is and if you don't have cash, you borrow.

Since you have an ITIN number and are borrowing with your son, you will probably have to be a minority owner in an LLC to make the deal work.

Borrowing, reverse mortgage, any other way to tap into the equity probably won't end well but let's him stay in the house.

One additional thought is that most hard money lenders and private money lenders will require the borrower to contribute to the purchase/rehab of the property.