Need a little help. My mother-in-law is wanting to sell a property that she is 30% heir in. Another heir who is entitled to 40% of the property ownership is also in agreement to sell. There was another known heir the ...

There will also be many unknowns that you can plan for or build a cushion if an assumption is wrong.

For the 2nd half of your question, there's a lot that is unknown and only an attorney will be able to tell you. 

My suggestions: - don't buy in unknown markets despite whatever numbers someone is showing you or that it will cash flow X amount of dollars. - Do your own research (including finding out about property taxes and insurance) and talk to lots of people including property management companies - they know what rents are in different neighborhoods, tenant base, etc.

I wouldn't sell the Riverside property to buy in unknown markets if I were you.

Lots of education needed and even fear of the unknown.

Yes, there could be a "gotcha" because of some unknown facts that would be the case in every single situation imaginable!

and include my tenant's name and this unknown person? 

In both cases it wasn't the judgment amount that was the wolf at the door it was locking up everything they owned as well as their bank accounts for what at first appears to be an unknown amount of time, but worked out to be about 90 days.

I think it becomes hard because of the unknown variables of time toward money output and also keeping up with the laws as they are constantly changing.