How does that work when you are not yet the legal owner of the property?

If I remember correctly, there is a provision for properties with Fannie and Freddie loans to be moved to single-member LLCs after 12 months of seasoning if the only member of the LLC is the owner/borrower on the loan. 

In short, the previous owner made a deal and sold the house while they were still living for monthly cash payments until they died.  

To become a true business owner or investor, you need to leverage your time through others.

We live in Texas, a community property state, and are 50/50 owners.

We've seen this soooo many times in our Detroit market:(Have actually had owners choose not to do business with us because their previous PMC didn't require it - so, they thought we were the incompetent ones.Have also seen incompetent PMCs wiring funds internationally to owners - and these owners not having an ITIN, EIN or SSN!

I've picked up several really good deals because a tenant operator ran the business into the ground to a point where the property owners just wanted or needed out. 

This initial conversation before the owner has a property can be very educational especially if the owner is out of state or has never been to our city.

I think if you are going to keep all three parties involved as owners of the deal long term then you need to separate yourself as a renter and a contractor.

Generally, the 'bad' side of the fence faces the owner.