Typically we get a copy of their license / identification and pull credit etc after they sign a credit authorization form.Typically notarized documents are needed when recording them with a county, but for a contract it’s very rare to have contracts like a lease notarized.

Be sure to clarify the lender's stance on total CLTV (Combined Loan to Value) at 100%, as not all will accept this structure.

Seller needs to be in second position, but honestly it rarely works out. 

But its very rare to be able to pay retail today and expect it to cash flow positive - even though you're sinking your 20 or 25% down. 

So if at death it is worth $5m, and of that $5m based on the waterfall agreement you and your sister would get a combined $800k - that $800k does not get stepped up, just the $4.2m that belongs to your father does.If your father is subject to estate taxes, and there are substantial discounts taken on the valuation of partnership interests in his estate - that cuts back on the step up, but it saves steeper estate tax, so it is a worthy trade most of the time.

To answer your question, yes, non-recourse loans are possible, but they are relatively rare, especially with local banks.

It is now the best time to be an investor provided that you have access to your own capital to do deals and don't need third party funding combined with your strong skills in purchasing a distressed property at the right price.

. - Wife and I never made over $150k combined- Buy and hold is the primary strategy- House hacked twice- Took some major hits along the way.

Combine this with poor ADU valuations (especially in single family zoned areas) result in hands off ADU additions costing significantly more than the value they add.  

Net net, I think it offers a product that is 80% as good as the best accounting software and 80% as good as the best property management software, but all combined into one.