Subsequently, there's not really anything you can hold him to.

That being said, here are the key issues: 1) No equity means it's unlikely that cash proceeds would be generated to the benefit of estate heirs or  beneficiaries.2) If spouse has signed for mortgage loans too, determine if there is any risk of recourse to surviving spouse should default occur and subsequent foreclosure create a shortage.

My caution is that property management companies (PM), like any profession, will have sales guys who are awesome through the dating phase and tell you everything you want to hear and subsequently fail you.  

Thought it was simmered in Diamond Head Crater brah.

Nor have we taken into account the depreciation you can claim and the the subsequent increase to your cash flow."

Hi Scott,My 1st was MLS deal as were many other subsequent deals.

Linky link.The Department of Housing and Urban Development announced it suspended the reduction of Mortgage Insurance Premiums, effective immediately.HUD sent out an announcement just an hour after President Trump was sworn in on Friday, stating that the cuts have been suspended indefinitely.The letter, found here, stated that the FHA will issue a subsequent Mortgagee Letter at a later date should this policy change.

(I've subsequently had to evict that tenant because she was playing to many games with getting the rent money to my property manager.)   

But to call it tax evasion is false and reckless and exposes a lack of understanding of the specific statutes and subsequent decades of case law in sec 1031, Rev procedure 2000-37 (the safe harbor reverse exchange), rev procedure 2002-22 (Tenants in Common syndications), Rev procedure 2004-33 and 86 (Delaware statutory trust), and all of the various regulatory guidances we have for using 1031 exchanges in conjunction with personal property, vacation property, primary residences, retirement, and estate planning etc.The 1031 has for many decades been the  method of deferring tax on the sale of investment real estate. 

Would failing to inform the lender of subsequent offers be considered a material misrepresentation?