If this is the only way you can get your first flip done then I would say go for it but I would like you to visit a lawyer and have everything written down for your agreement with your father.

SteveGive me a call ,I know some Lawyers that do the area of Law .Thanks ChuckBurr Ridge Il850-261-3145

One question I'm debating is that my lawyer was thinking of asset protection and suggested I set up a lender LLC to hold a mortgage on the property.

 ( they are lawyers)So it takes a certain type of individual to operate successfully in these areas.  

Where did you find them (thinking doctors, lawyers, sales people, etc) ... how many people would you put on one note?

Is it something specific that I need a lawyer to draw up?

I would also check with a lawyer in your area to verify the legality of these practices there.

If you start to pool investor funds, then it will become a syndication and you'll need the right lawyer to set that up.

I had an enthusiastic buyer all set, but it feel through because her lawyer's title co. said they wouldn't insure anything bought at auction until 2 years had elapsed.

She is feeling unsafe.We have an appt with a lawyer tomorrow morning - our first one as we are only 6 weeks into having this property rented!