On top of that, if either you or your business partner have any issues that exceed or are excluded from taxes (say a car accident while intoxicated or texting,) then a legal action can impact the investment through a bad judgement or settlement.

If there is a lawsuit against any of those investment properties that exceeds [or is excluded from] your insurance policy than a settlement/judgement can impact all of the investments you own inside of that LLC. 

Evans, Attorney and Buchanan Settlement Services in Waynesboro.

If you don't have an LLC in place and there is a lawsuit that insurance doesn't fully cover, or is excluded from your insurance, then they can get a judgement or settlement against the property and your personal assets.

Maybe extend the settlement date and try to get this resolved first.

Talk with them and negotiate a settlement (or have your lawyer do it).

Since you don't have an agent representing you, you'll need to write the contract, find a settlement company, schedule inspection, etc.

She saved all her life, collected an accident settlement, so we invested together where she's the silent partner, and my wife and I the PM.We had a discussion with her a few times over calling people in, back then for $85.00.

But, isn’t it only “lender type fees” that get added in.....aren’t “closing costs” like surveys, title search/insurance, settlement fees, pre paid taxes/insurance, etc Excluded from that calculation?

There are many ways you can recast this deal. first things first, close the deal with attractive seller financing. ask the seller to add settlement cost into the mortgage. consider some of these in your mortgage conditions ( put some or all of these terms in your offer) make sure you understand the value of these clauses - if not, give me a call glad to chat.1. put a subordination clause in the mortgage, this will allow you to get a new first and have the seller financed in second position.2. have a pay-off discount of 5-10% so if you get a new mortgage or sell the house you can discount the seller mortgage, this could save you thousands of dollars.3. have the mortgage secured by another property you own - this will make your property free and clear, now get a new mortgage, keep the proceeds or use it for renovations.4. have a stutter clause, this will allow you to miss one payment a year.5. have a first right of refusal in the mortgage in the event the seller (mortgagee) try to sell the mortgage at a discount, this gives you the option to benefit from the discount.6. the mortgage should be fully assumable without qualification with release of liability. this makes your resale attractive since you have financing built in.7. ask for a delay in making payments (6 months) this will free up some of your cash for renovations. good luck  with it -- Charles