I am sure there are people that have taken cash advances from their credit card to fund the "equity" in their syndication.Also, there is no requirement for skin in the game.  

The likely scenario is that your PM is not very good or lazy and held it because they don't know how to market properly.

I personally own 12-doors in Detroit proper and I'm happy to send folks resources about the market there and/or chat about my experience.

Play the 'friend in common' card if possible.Regarding seller financing, I don't see this being a viable option since they are in default on their current loan.If funding could be an issue for you, take a step back and work on that first.

If you anticipate a possible fight, it's best to do things properly from the start.Certified mail in itself is not a panacea, in fact IIRC most of the relevant statutes say first class (i.e., "regular") mail - but it has to be sent under certain timelines.

It takes market knowledge, construction knowledge, proper analysis, financial relationships, rent projections, property management knowledge, and a whole list of other things that are only gained through experience. 

They're the intermediaries for a reason... they don't record the deed until the funds and all of the documents are properly filled out. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

i say this not to discourage you from investing, but to help set your expectations properly.  

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.