@Daniel Godbout as I understand it your are correct. 

And, @Steve Vaughan is correct; use a Quitclaim.Next is to check with the Title Company regarding the Title insurance.

it looks like you have found out - correctly - that the vast, vast majority of properties for sale aren't good deals from an investment perspective. 

I don't think you are going to be able to get insurance for two separate living units in a single-family when they are both illegal and likely do not have the correct egress windows (basement) for fire safety which could subject you to huge liability if something happens to either party.

I want to ensure that the structure of these investments I am working on correctly address key issues for investors. 

Its more hands off than being a landlord or flipping homes but you have know how to do it correctly.   

Best of luck.Nick,Todd is correct and I would take him up on his offer I am just North of Cape Coral where he is at and its another Hot market. 

Buildim has a general ledger so you can record credit card transactions the same as in any other bookkeeping software 1- add to chart of accounts a current liability called for example capital one credit card2- when you want to record a credit card transaction go to general ledger create a journal entry, for example if you swiped your card for a maintenance expense in the amount of 1,000  youshould debit maintenance 1,000 and credit your liability account called capital one credit card for 1,000so your liability account balnce is always the same amount as your credit card balance 3- if you pay intrest on your credit card add to charts of accounts an expense account called capital one intrest fees and when you got charged intrest create a journal entry debiting capital one intrest expense account and crediting your liability account 4- to record a payment to your credit card you can record a check from your bank account payable to capital one you should add them as a vendor or you can do a journal entry It simple for anyone with a little bookeeping knowledge and btw thats how its also done in quickbooks or anywhere else And thats the correct way doing it although there are a few other workaround ways for exemple creating a contra asset or as paying a vendor So i dont know why you blame buildium it would be the same with any other software 

If I'm correct in my analysis, then I'd guess I'm also looking for a mentor if anyone is willing!

Looks like they’re still operating at a loss if I’m interpreting correctly.