The fact that you are having difficulty finding an attorney... maybe that's a good hint.

I had difficulty getting some outfits to respond because I was just a guy with a rental but when I started identifying myself as a guy who was building a property management company I finally started getting some traction and building relationships.

You must have skin thick enough to deal with that and not sweat the small stuff.

If 40% is what it takes to get the capital, that's fine, but in my opinion that's pretty rich to the money source when you have 50% skin in the game.

It also allows him to get his refinance ready to take you out as part of the refinance so he isn't coming out of pocket for that.For him you are keeping some skin in the game when you initially rent it so that he knows you are placing a quality tenant(even though you would anyway that's what I would tell him).

However there are more than one way to skin this cat.

Having a partner warrant title is the best way to go.I'd also say that this technique, while cleaner and less expensive than a double closing, it will require cooperation of the partner buyer and that may cause difficulty for many investors.

As long as things are structured correctly and there is alignment with skin from the other partners you trust then I think this is close to the best of both worlds.

There is always other ways to skin a cat.....

This option might leave you with communication barriers and difficulties and little recourse if things don't turn out well.