Ironic isn't it, that an entire generation so entitled has thrown the idea of meritocracy to the wayside, all the while so concerned and possessive over things as intangible as the concepts and purposes for which they were engineered.

I promise there are plenty of contractors out there for everyone, and new ones come on the scene looking for work every day.....one cannot lose what one still possesses. most contractors will appreciate the work. getting paid fairly for the labor by itself.

I have no intent to do anything unethical but do not wish to be caught in an undesirable situation should I tell the lender that I WILL take possession and for some reason be unable to.

Thats a good one, I'm honestly not sure about how much equity in them he possesses but the way it was presented, I assumed it was a 100% ownership stake

Also, you can try to find the book 'Nolo's Guide to Starting a Small Business' in your county library (or buy it in Amazon.com) where they have discussed about the merits and demerits of LLC, S-Corp and C-Corp.With some knowledge I possess, here are my suggestions.

He is now 9 days late and we would like to take possession of the property.

Recommend Land only- you take possession in a few months. 

CASH FOR KEYS AND POSSESSION AGREEMENTThis agreement is made this _____ day of ____________________, 20_____ between ________________________________ (hereafter referred to as Owner/Landlord) and Occupant/Tenants______________________________________________________ (hereafter referred to as Occupant/Tenant).Occupant/Tenant is currently residing at _________________________________ ____________________________________ a property that is currently owned by the Owner/Landlord.Occupant/Tenant agrees to FULLY vacate the premises on or before ______/_______/_______.Occupant/Tenant agrees not to vandalize the property, or to remove, allow the removal, or damage in any way, the fixtures, appliances, copper or any other part of the property.Occupant/Tenant agrees to remove any pets or any kind of animals entirely from the property by departure date.Owner/Landlord agrees to pay Occupant/Tenant the sum of $__________________ upon completion of the terms of this agreement and inspection by Owner/Landlord or Owner/Landlord’s agent.Owner/Landlord agrees payment will be made immediately upon satisfactory inspection, and that payment will be made directly to Occupant/Tenant.All parties agree that this agreement is null and void if Occupant/Tenant does not meet the terms of this agreement and Owner/Landlord can file an eviction action as allowed by law.This Agreement shall not be binding unless and until all parties that occupy or claim any interest in the premises have signed this Agreement.DATE____/_____/____________________________________ _____________________________Tenant/Occupant Signature Owner/Landlord or Agent______________________________

If the redemption period has expired, then you will need to deal with the HOA since they are the vested property owner in title and the "property owner" is merely a tenant, he just has possession.  

Before we lease a place we schedule the utilities to be shut-off the day the tenant is scheduled to take possession.