A call comes in, I dispatch it to the appropriate team member (handyman, plumber, electrician, accountant, lawyer) and pay for services when billed.

Are there any good investment lenders and lawyers in the Chicago area you could refer me to?

If he is able to provide legal documentation (i.e. notarized note, drawn up by a lawyer, or whatever documentation he may be able to show), is there a way that the money above and beyond what is owed on the mortgage can go directly towards paying off the debt, or does it have to go to the seller first, and then paid out by him to his other debts?

:) In fairness, the deal was unique enough that I had to spend a few dollars on a dirt lawyer explaining the finer points to the title company, but when the dust settled the realtor got his 3%, the new owner got a rehabbed house, and I walked away with just over $30K which I plowed into my next property...an actual build.4.

Marina, what you really need to do here is hire a savvy lawyer to handle your paperwork and draw up a contract that will protect you.You also need to accept that you're going into this deal at the high risk end and need to ask yourself if this is the best place to start a deal, especially if it is your first?

I don't believe it is really a sale, but your instinct to involve a lawyer is a good one. 

You should know a good RE lawyer that can close the deal as well; this should be high on your priority list tomorrow morning; start calling around, ask others in your area for who they use, etc.Good luck Derek, and hope you a successful future!

The reporting obligation should in general be borne by the person who receives the income.I am not an accountant or a lawyer.  

Remember, its not worth going to court over, a lease, just like a mortgage is the product of negotiation between two people.That being said always consult a lawyer in regards to legal advice.

 Help need a title company/ lawyer solution!