Hello,I currently own a Singe family home in the Brainerd/Beverly area.

We haven't filed together yet Thanks in advance  I would recommend just your wife and father-in-law on the loan then and you can be on Title if you want.The process would essentially just entail your wife and your father-in-law applying for the loan, and on the declarations section your father-in-law would state he will not occupy the the property as his primary residence, and your wife will check she will occupy the property as her primary that makes sense, so my wife would be applying and my father in law would be only co singing correct? 

@William Sing thank you very much William!

Although, I've been in the mortgage industry for over 12 years as a loan processor and I have my NMLS license #2304006 and am currently working on obtaining my real estate license; I'd rather be a full time real estate investor:)  Fun Fact about me is I love singing! 

I have no affiliation with them but it's been a huge asset to my business so I have no problem singing praises on their behalf.

If the senior lien is performing you order the payoff at the date of sale and pay it as that loan may accrue interest, the owner is still standing with rights to redeem until the heavy set lady sings at the steps.

There are also those who will sell under a distressed situation.My bet is that there isn't anyone who can make a note dance and sing as well as I can, nor get as creative in solving problems in a legal, ethical and compliant manner.

My question is this....If I meet the potential tenant, get the lease signed, accept security deposit, and hand over keys, is there anything that this "someone" can do since I am 50/50 owner and am just as much financially responsible as he is and even more importantly can he do anything to the tenant once the lease is singed?

As far as liability. would you have any if you have full agreement of the payor and note holder and they sing off on such?

Deals are not done, where you know you earned your money, until the over weight lady sings at settlement and title is transferred, until then, risks exist. :)