Sounds like either some of the information provided may have been exaggerated or changed, or possibly you could have been dealing with an identity theft situation as well.

Anyone been in a similar situation?

Let me give some more info re situation.

This is rarely done as in most situations lenders will not consent, and at a minimum want the buyer to qualify AND personally guarantee.  

Here in Chicago, you should expect a range from $200-$275/SF, depending on the location, experience, labor, and material finish level.Are you in a position where you already own some land, or what is your current situation?

We worked this out with our CPA and this was his recommendation so i recommend starting with 1 account and as you grow and scale talk to your CPA and banker to see what they are seeing other investors do and what they recommend for your situation

We would of course not presume to judge who is right or who is wrong in such a situation, but might follow the lawsuit, discuss facts as they unfolded, and of course share the verdict.

Your situation is so difficult, and the best plan is to get financing before we need it. 

Purchase price: $425,000 Cash invested: $5,000 Helped my past client out of a difficult situation.

I would have just filed a lawsuit against them and took it from there.This situation is quite complex.