Germain) but some judges are ignorant or insist on applying local rules of court (pick your battles carefully).3) Court will typically require distribution to be vested in name(s) of heirs or beneficiaries and approve Order for Distribution and/or Administrator or Personal Representative Deed transferring title to those heir(s).4) Refinancing to individuals will give you more attractive long-term financing choices prior to vesting into a holding entity. 5) There may be property or other tax issues to consider prior to transferring everyone’s interest to a holding entity. 6) Don’t forget that you would now have an estate planning matter to consider as each party would own shares or fractional interests in the holding entity and succession plans can fail when other partners (spouses, etc.) enter the mix.

I’m new at this and can tell that these renovations don’t sell for top dollar, but flippers insist on gray floors with gray walls. 

What they are saying, is if you insist on borrowing in your name, they won't do the loan at all.Why not borrow and buy under your existing LLC?

If this guy wants to do everything on a handshake - insist that everything has to be in writing. 

Be stern and insistent that you are owed that money.  

If the other guy had a spent it I’m not sure exactly what the bank could have done do that account holder, but I can assure you I would have insisted they made it right with me.

Well intentioned limitations on considering actual criminal history are becoming laws that insist you let people in regardless of offense and timing.

Even assuming the seller is so naive as to not engage a real estate attorney to insist on buyer guarantees, they may still have grounds to sue the defaulting buyer under numerous Federal and state statutes regarding full disclosure, statute of fraud, deceptive trade practices, Dodd Frank violations, and regulations of the CFPB.  

There are lots of ways you can play this but insist on only paying based on Rent Collected none of this pro forma stuff.

We each own the policy on the other person.You insist on 30 year term insurance because "the other stuff is crap."