I'm feeling that I am being milked and preparing to get my attorney involved if we don't settle this soon.

Then there were some issues with the inspection report that ruined 3 contracts prior to me getting involved.

And lastly, market risks and mismanaged funds can also create major headaches, especially for those involved in lending groups.

Converting your condo into an investment property and transferring it into an LLC is a smart move for liability protection.You’re correct that retitling the property involves Chicago’s transfer tax, which can be substantial.

Sounded like there was heavy paperwork involved.  

For example, you might agree to a 70/30 or 60/40 split, depending on his level of involvement.

If the place burns down (which it very well could because K&T is a big fire hazard), and the insurance company finds out you didn't disclose there was active K&T, they will certainly deny the claim.

Companies that know what they're doing don't get involved with the race to the bottom. 

Lastly more to my point - I thought you worked for a MF syndication in the past that I was not sure but wanted to mention and that you are not just someone coming off the street having never been involved in a deal (unlike a lot of others).  

I think it speaks volumes regarding your care to the situation the heir is involved in.