Moral - always dig into EVERYTHING early in the project so you have some idea of what you will be facing.

I know he is in a financial situation where the expense is not an issue, but morally I feel a sense of responsibility to cover some of the costs out of respect. 

Welcome Carlos Morales !

My opinion is someone with a low net worth and good morals can take it in their personal name without issue and most banks require it.

Moral of the story is..jump in. 

It is money that is not working and I a morally opposed to my money not working for me.  

I see this as more of a moral question than anything else, but quite a large one that obviously is going to affect all sorts of decisions about all sorts of other things too.Its the interest charged that makes the whole thing crash every so often.

I found myself to be in a bit of a predicament with a property I'd like to purchase and was wondering if you guys could offer some advice.I found a house (student housing in upstate NY) and the home seems to be in good shape so I made an offer which they accepted.

Last thing you want from a moral & legal perspective is to put a new family in there, house gets shot up then it comes out you knew about it & didn't disclose.

Honestly, I was in a similar predicament as them.