On questions, we don't have a formal list but I can give you some sense of how we approach the conversation.  

Joint Ownership with a Formal Agreement: Another option is to keep the mortgage as it is but create a formal agreement where your sister-in-law is no longer financially responsible for the property.

Investors do this to protect themselves in the event the note goes into default, they can avoid a judicial foreclose (expensive and time consuming) and just take the property back, and resell it.  

There are rules in Ohio where if the borrower has more than 20% equity or has held the land contract for more than five years then the lender must go through a judicial foreclosure as if it was a mortgage. 

If you guys come to terms then a formal agreement would be done.

Ask them what it would take to formally change the property type and make sure there aren't any current violations that you will be stuck with later. 

This formalizes your ownership.Other Considerations: Capital Gains Tax: Remember, when you sell the property, you’ll need to pay capital gains tax on the profit.

. - The next tier of lender qualification is a formal loan commitment.

In order to foreclose in a judicial state it must go through the courts and you can easily file a response to the complaint showing the lien is not valid.In non judicial states it would be the same thing, you could respond to the trustee saying lien is not valid and they would have to provide proof of the original note you signed and notarized as well as the recorded deed of trust. 

I was under the impression that Section 40-10-83 only applies if an ejectment lawsuit is brought by a tax deed holder (judicial redemption).