Just as a highlight, the property has fire damage, was there insurance in favor of the lender which covers such damage and will that claim transfer to you or should some of those proceeds be used to demolish and clear site or clean up site; will you be indemnified for any future liability if not, etc - point is, I would worry more about your not so common deal rather than trying to find sample contracts of more common deals.  

The title will be transferred to me and the current loan and insurance will stay in his name.  

If a bank would allow a transfer to a LLC in the future that would be great however from what I have read that is unlikely.

Account Closed so I shouldn't transfer the home to an LLC?

My strategy is to secure a line of credit on the equity in my current home and use that to buy and hold a rental property under my name before transferring it to an LLC.

What this means is that no traditional mortgage company will finance the home as the 2nd lien holder so if you plan on refinancing or selling the home, you have to pay off the "program" to be able to do so.(3) Some of these "programs" have penalties attached for early pay off or transfer of loan to another.(4)  The interest rates on these "programs" for these loans are high as many of them do not use credit scores to qualify people seeking the loans.Finally, there was a recent news article in my local paper about the "HERO" program [one of the green programs] which warned about using the program for these very reasons:**Beth Mills, a spokeswoman for California Banking Association, said in a telephone interview that any program that makes homes more energy-efficient is valuable, but the financing structure is problematic.

I'm in Williston, ND looking to make the transfer real soon to CDA, ID - let me know if there's anything I can do to help!

It is within 60 days.From my FHA loan:"Borrower shall occupy, establish, and use the Property as Borrower's principal residence within sixty days after the execution of this Security Instrument (or within sixty days of a later sale or transfer of the Property) and shall continue to occupy..."

Upon death, real estate has a step up basis, hence you do not have to pay taxes on what your parents bought the property for unless they gifted or transferred the property before death.

Everything is in my name and then I started an LLC but have not transferred everything into the LLC.I suggest listening to podcast 109.