The seller benefits from the spread between the interest rates of the old and new loans.Agreement: Ensure a clear agreement on who will be responsible for the existing mortgage payments and how any arrears or defaults will be handled.Seller Second Mortgage:Structure: The buyer gets a new first mortgage to pay off the existing loan and a second mortgage held by the seller for the remaining balance.Consideration: This may require refinancing the existing loan, which can be costly and may change the loan terms.I hope this helped.

So check your operating agreement and consult with an attorney knowledgeable with Delaware law (or whatever state it's incorporated in).

Good news is my lease agreement requires repayment of attorney and legal fees to prevailing party.- Should I engage an attorney to prepare for lawsuit?

I don’t want to give them more info/ammo than necessary.It's worth looking at the lease agreement and ensuring they are in compliance.

You can see the agreement I use which has section to check if buying Sub2 at this link. 

super smart we did this in columbus for a client on the entitlement process and helped split a lot with a shared driveway agreement and the house he bought was 300k and the one next door sold for 750k it was a really high end area 

This tenant currently has a verbal agreement with the owner to receive the property upon their death.

Hi Shelley,Some potential courses of action would be:Review Lease Agreement: Check your lease agreement with the tenants.

First question is if I have someone who is planning to rent out a room in the house and have a signed lease agreement can this be used towards the income to purchase the house?

You should, at a minimum, have him document the tenant caused damages and have the tenants sign an agreement that they are responsible for those damages.