Then there's no need to change 1099-S, you simply enter your EIN on Sch C. 

I've seen properties subdivided and the road (which was private) became a public road and all trees lining the road were cut down by the city. 

My situation is I am switching jobs internally with the same company, however I am taking a 50% pay cut and don't want to risk my debt to income ratio on a cash out as neither unit is rented just yet.

This is not a related party transaction he is simply selling a property to you and starting a 1031 exchange. 

If the BPO is turned down, or if the prior investor simply declines to answer the price quote and lets it expire, the whole process will take about 30 days.

I was told by another appraiser that a lot of appraisers simply do not want to do the extra leg work that is required to find out the circumstances behind the sale and determine if it works as a good comp. 

I'm about 7 days away from closing on my first real estate deal and the thought occurred to me that instead of wasting time (and closing costs) dealing with a bank for the initial loan, I could simply use myself as the source of "private money" for the entire purchase (~40k) for a home that I intend to rehab.The rehab is expected to take 3-4 weeks and I already have a reputable contractor with a written estimate in hand and the cost will be a ~25k additional (worst case) on top of that.  

So, we thought to cut to the chase.

@Mike Hartzog  correct... in our world 2nds simply did not happen all first trust deed or mortgage lending and all collateral assignments of said.now my facility at Umpqua 4 million.. they would not actually record the assignment they just held it and we gave them an alonge'  they would only record if they were going after the asset.Riverview and Columiba community were I had the same facilities only larger they recorded everything so the transaction was a little more cumbersomeand of course we had to close the loan with our own cash then back fill.. much like a conventional lender who does table fundings then sells in the secondary market.. but once the machine was up and running it went well but it took staff to run.. that's for sure.

The plan was to simply "get started" and learn as we go!