However, if the parent was competent and the Grantee wasn't part of the fraud, didn't know about the fraud and paid proper consideration for the deed, (s)he/it may be a bona fide purchaser and has fee simple title and the parent was the victim of fraud. 

That said, you have a unique situation if you can double your units (not just add one)....the economy of scale with  adding 3-5 units could make this a bona fide small apartment and may be worth it provided the costs are not exorbitant, you have the zoning, parking, permits, etc...

My understanding of the law is as follows (please contact an attorney to verify):The owner of the property can hire an employee to perform property management; that employee does not have to be licensed, but they must be a bona-fide employee of the owner... if the owner is an LLC, the LLC better have that person on payroll.Otherwise, only licensed agents under a brokerage (or a PM company that is itself a brokerage) can carry out property management services on behalf of a third party owner.

You can count me among the people who are skeptical that this will actually be a bona-fide purchase.

AB 2039 also prohibits the use of "shill" bids (bids not from a bona fide purchaser that are used in auctions to drive up the sales price during the auction process), while permitting "credit bids", and seller bids with full disclosure

The 90 day notice cannot be given until the seller has a bona fide offer from a buyer who intends to occupy the property. 

So there is nothing to release.The buyer/borrower would (should) have signed an agreement with the broker for the broker's fee, on that agreement there should be language similiar to "....providing a bona fide mortgage loan...".

Hi Will,I was a part of a Bona Fide purchaser for the better part of 3 years after the housing debacle.

This proceeded a bona fide 7 figure purchase contract.

The state ruled that it was still brokerage without a license.If you have a bona-fide contact to buy a property you legally have the right to assign or otherwise sell your interest in the contract.