Get your paperwork ready and get prequalified - start by having coversations with lenders and ASK ANY QUESTION you have (don't worry if you think it doesn't sound "smart") so that you get familiar with language terms and common questions they have.

-Has no crawlspace (common for older properties) so we couldn't see the foundation-Drywood termite/wood decaying fungi damage seen on all the windows/doors/parts of the beam on the exterior, parts of roof decking and rafters in the attic-Old leaks/moisture damage seen in the ceilings and attic-Parts of the roof has patch work-Roof doesn't have any permits on record (don't know how old it is)Seller's offer to me:-Fumigation treatment for drywood termites (tenting the house)-Replace and repair all damage wood throughout the house-Replace the entire roof with a new permit-Replace one window in every room (not all)-Pay for a structural engineer to inspect the foundation-Offer to get quotes for repairs and have a 15-20K budget to make all repairs, house is 500K.

It sounds like you've encountered a common issue with mortgage servicers when trying to transfer a property to an LLC.

Myself included, I'm one of the few here with nothing to sell but I've extracted so much info from the forums it'd be a fat lie if I said I'm all give, no take.Best thing to do is not use your real name too. 

Landlord pays for water and some common area lighting, $100 a month.

How common is it for two individuals to go jointly on a mortgage for investment purposes?

Wire fraud, identity theft, fake sellers, fake buyers stealing things from listings… all these things are common these days and agents always get named in the resulting law suits because they carry E&O insurance.

It's at least good to hear this isn't some common tactic that I'm unaware of.

It is common for a deal to be in the works, and for deals that look good to not happen.

Another example of “the tragedy of the commons”.