If the later is the case, unless your contract with that buyer had specific performance language in it, there is nothing you can do.As to the advice above about potentially clouding title, you are now entering the legal realm and you should NOT be taking legal advice from anyone other than your attorney as clouding title in THIS case can swing back at you from the original sellers for not performing and claiming damages against you.If you intend to wholesale, you need to do it legally and ethically and in many states, that requires either a license, closing on it with your funds or borrowed funds, then marketing for resale once you have title, or having your buyer upfront, forming a legal entity with both you and buyer as owners.

However, consider:Long-term market projectionsYour personal financial goalsTax implications of holding vs. selling (consult a local tax advisor)Partnership Structure:Clear, written agreement detailing responsibilities, profit sharing, dispute resolutionRegular financial reporting and meetingsExit strategy for both partiesConsider forming a legal entity for the partnershipFull Bank Financing: If the bank would finance the entire project including renovations, this could potentially be more advantageous.

Seems to be competing opinions on whether an LLC or other entity structure set-up is a must for a first time real estate investor. 1.

If instead the building is owned entirely by a single person/entity adding, an additional unit is not relevant to TICs or HOAs.

Of State to see if an entity is "in good standing", and getting a state lien certificate. 

Then it is a win-win-win situation, investor wins because he does not have to go do a lot of research , invest smaller amounts, get a single K-1, sponsor wins because he can raise larger amounts from a single fund of funds entity and fund manager wins by generating income from the spread.

Hello Shalini:You would not need a license if the real estate entity owning the property management company also is the same entity that owns the real estate.

After the raise, if the issuer has sold passive interests in a company such as a limited liability company, the LLC Act of the state where the entity is formed may have additional laws regarding fiduciary obligations, fraud, misrepresentation, good faith and fair dealing, that may also be applicable if management knowingly conceals material facts from the members.

Had 1) an assignment or 2) an entity acquisition been possible rather than a (fat) double-close, this would now be the end buyer's problem. 

At the magistrate, a person can represent themselves and an officer of an entity like an LLC can represent the entity.