They are called trustee.The person or entity that takes over upon the death, incapacity or declination to serve is called successor trustee. 

The cesspool is very small in capacity, about 500 gallons, which is too small for a 2 unit property. 

You could add dates and deadlines to the note as well as a clause that says in the event of your partner's death or incapacity to finish the project,  the note is due and you can take over the property.

How much liquid assets are you working with, Credit, DTI buying power - this will determine your buy in capacity whether it is a house hack or brrrr strategy.regards joe scorese

The buyer's inspection came back stating the main electrical box is insufficient in capacity (was good in 1965), and does not have proper clearance technically. 

Can you do a screen for mental incapacity of the owner and making sure he has no one to contact that actually knows FMV?

You can make it effective immediately (so someone could be POA right now) or make it effective only on your incapacity -- that's called a springing power of attorney.

., mental infirmary, legal incapacity, mistake, failure to disclose, undue influence, unconscionability, ).The only other thing I'd add is that if there is something else you want from the deal, you could use this as a bargaining chip.Otherwise, the seller needs to pull on his big boy pants and get to the closing table.

I have a Limited Partnership agreement that seems fairly concise and addresses provisions such as: formation, partnership business, rights and duties of LP and GP, partner contributions, capital accounts, LP/GP withdrawal/replacement, Tax allocations, GP compensation, transfer & encumbrance of partnership interests, death/incapacity, dissolution/termination.

Living trusts are private, avoid probate and have built-in measures to deal with the incapacity of the person who created the trust.