Do make sure you have a formal partnership agreement drawn up by an attorney with at least one strong exit strategy in place.

Quote from @Scott Forbes: Excellent description of the problems caused by our judicial system.

You may not always know what the seller has instructed the listing agent to withhold and what they are required to present, but you can include a provision in your offer that requires  a formal written rejection, and all offers should have an acceptance date and time deadline obviously.

I filed a formal complaint with the New Mexico Realtors Association and now there is admission of false/altered docs from the sellers.

Texas is a non-judicial State and there is no need to go to court.

We're odd in that our project manager actually has a formal degree in Interior Design.

We've chosen not to do a formal due diligence including ARV projections, cost per sq ft of rehabs in that local market etc, local title company selection, title search etc.This file may not proceed as we are dedicating resources to those with a likely probability to close.But again, thanks for engaging.

It’s a non judicial state so sale date will be February / March.So they either sell it, refinance it or another way to get the $ - I guess the borrower can file bankruptcy but that would be interesting since he gave up his interest in the property.So we could easily get a motion for relief

Anyone have any tips on how to assume / run expenses when there is no formal rent roll / P&L statements? 

Further, they did end up paying us for all rents owed (by the time the program paid, tenant was nearly 2 mos behind on rent).The church was less formal and we defintely were worried about getting paid.