I tried to negotiate with my ex-partner about a property settlement for about 6 months - it cost me another $500,000 (about $70,000 per month)!

There will be a settlement statement accounting for the cash going to the seller to purchase.  

But based upon the limited information presented here, the burden of discovering this defect before settlement would typically fall on a buyer -- who unfortunately chose not to get a survey.Pull your owners title policy.

Be sure to include your settlement sheet as that is usually the starting point for depreciation expense, plus I look for stuff I can write off this year tucked away within the settlement sheet if you know where to look.

You could also look into White Settlement ISD, which makes up the west side of Fort Worth, a booming area at the moment.   

If your intention is to buy - fix and sell for a profit ----- you could do the same thing without being ripped by HML.Try - controlling the building with a delayed settlement with right to market by private treaty or public auction.

in this set up, myself and my brother would be the "bank" im guessing, does that mean we have to sign the deed over before we collect payments, similar how buyers receive deed to property after settlement?!  

Any investors in Nj that can recommend a title company that has experience with handling these settlement/transactions I have a deal in Philly ( My first deal)  however the seller and myself live in NJ  so what do I do next and where can I market this property, since I don't have a cash buyers list yet? 

I checked the closing settlement statement and there was no credit back to me for these delinquency fees.

Madison Settlements in West Orange