Here in NY if I wrote a cash for keys agreement, it would have to be filed in specific legal places with certain documents and notarized. 

I have also filed a claim against his insurance company with hope of getting at least our monies from the contract back.    

Quote from @Abhijit Roy choudhury: Financial Crime enforcement Network, requires reporting of Beneficial Ownership Information filing by 01/01/2025.Does this apply to us, Rental LLC owners.

The original trial court decision granting an injunction against the enforcement of the CTA and having to file the beneficial ownership information (BOI) reports has been reinstated.

If a tenant, applicant, or prospective applicant finds out that you treated them differently, they can file a complaint saying you discriminated against them. 

My suggestion is to simply file the BOI requirement.

Based on your numbers, and assuming you have a credit score high enough and have never filed for BK, you shouldn't have an issue getting approved for an HML to buy/rehab the property that I would estimate at about $370k-$375k (which includes 100% of the rehab costs).

Once you file your 2nd year of tax returns, you may now be able to qualify for Agency Loans (FHA/Conventional).

When you say "we," are you speaking about your business or your personal tax returns, or does your business flow into your personal returns because you file as a sole proprietor?  

(7) no assurance of proper document filings?