Once the note is accelerated the seller/buyer either needs to pay off the entire balance within a legally prescribed period of time, renegotiate a satisfactory solution with said lender, or face possible foreclosure filing. 4.

She may need to file a gift tax return for the $31,000 gift depending on other factors. 

I work a lot of files and the states requires visible marking stating who I am. 

That's the key component that is usually missing when I hear other entrepreneurs/investors say they don't like QBO.Something else to keep in mind is your entity structure and how your entities file tax returns.

I also noticed you have two emails on file with us, and you sent this from your alternative email, which may have caused some confusion.2.

The most likely scenario is that you refuse to pay him, or make him an offer he doesn’t accept, and he files a mechanics lien on the property. 

This is why you need to make sure you review your file prior to even getting the hard money loan because what if you do not even qualify for a conventional loan then you'll have problems and might not have a net benefit exit strategy.

The process is getting allthe information together like the 1003, credit authorization form, bank statements, income statements etc. they will underwrite the file and confirm the borrowers ability to repay.What state is this in?

You also have to file UBIT taxes and most CPAs don't even know what that is.

They will have it on file.