I don't see anything unethical or illegal as long as the place is livable according to your local laws and the lease spells out everything.

Consider yourself fortunate if the name of your entity is spelled correctly and if the dates were right.

Their lawyers office contacted me and want me to sign a Release of Mortgage, yet i will not have a check until closing. talking with the lawyers help they said that the money will be held in escrow and released after the closing but is not spelled out like that on this form they want me to sign, i told them i would want that all spelled out in writing. this is the first time i have gone through this with a lawyer involved and all the legal papers. my question is, is it normal to sign this release before the closing or is that usually done after the closing ?

@Benjamin Barredo first of all check your spelling on the word 'build.'

Make sure to spell out how to split assets if you two ever split up (not pleasant to think about, I know, but it happens.

Ownership day one and throughout the time of ownership is whatever you and the other owner agree to, as spelled out in the operational agreement.

The default section should spell out whether the death of the borrower is a default allowing your parents to declare a default and insist on payment in full upon the son inheriting the property.

Parking and yard use may need to be clearly spelled out. 

In your situation, spelling out New Jersey would let folks know about your post.

Seems building permits have also gone up since Obama has been in office.My margins have already been pretty low in this slowing RE market, I feel she would spell doom for me, all the people I employ and the many other Flippers who utilize the same strategy..Any one else feel this concern??