This helps you because; when you go to your next agent, he/she can provide sufficient evidence to different carriers, on what the loss ratios, etc, actually are.

If the property is held in the name of decedent, you'd need a RM balance leaving sufficient equity to cover the costs of the title fix.....which assumes there are known heirs whom can act as admin/exec in a probate action.  

A dollar amount and the phrase "for good and valuable consideration" may or may sufficient in a transfer of title and may not be the same as described or required in a purchase contract that conveys an equitable interest.Mixing these two concepts is incorrect.When a purchase contract is made, legal title remains with the seller, but equitable title is given to a buyer, full title is in  state of limbo until settlement.Equitable title must be financially measurable, if it is not measurable or cannot be established and is an amount customarily accepted, equitable title may be limited or may not exist.

It's called the self-sufficiency test.

In 2014 I took $ 50K out on new appraisal of $ 175K and now the property is self-sufficient now means rent cover all the expenses.

I feel badly for this man, his family and the trauma the agent was put through but I don't think it's enough to warrant taking absurd measures when you're being sufficiently cautious already.

Assuming the remaining 2 members had sufficient income and credit, could a mortgage be obtained for $500,000 to finance the buyout?

Also, if we want to better cover our risk, we can obtain a sufficient security deposit up front.As property owners/landlords we are ultimately responsible, so the utility companies send us a copy of these bills.

Effective Date: 03-19-1993 5313.03 Biannual statements furnished to vendee.Every vendor under a land installment contract shall, at least once a year, or on demand of the vendee, but no more than twice a year, furnish a statement to the vendee showing the following: (A) The amount credited to principal and interest; (B) The balance due.A land contract passbook issued by the vendor or a financial institution shall be sufficient compliance with this section.

Since I have no saving or a sufficient credit history I figured wholesaling would be my preferred option.