The original lease would still stand, but you can have them sign an Addendum just to acknowledge the switch of ownership of the lease ( you) and where payments are to be sent and how they are to be made out, or if online payments, how to pay. you can not physically change the rent and i wouldn't bother re writing it on your co. letterhead, that would be a waste of time and a headache.

One thing I learned about working with seniors as a financial advisor is that they like income, but don't like headaches which could be a reason they're looking to move on.  

FORECLOSURE: A seven year waiting period is required, and is measured from the completion date of the foreclosure.A three year waiting period is permitted if extenuating circumstances [EC: non recurring events that are beyond control that result in a sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations]  can be documented and the lesser LTV of 90% or the standard product guidelines.

Of the 11 properties we have 7 that are lease optioned, another which we are signing on Monday, and the other 3 just came up on the market within the last month or so.If all goes to plan and they all exercise their option in 5 years, my partner and I stand to make 282,522.77 each on these properties over the next five years (this includes the profit when we sell the properties and the monthly cash flow).  

A Boston multi would be amazing, but I'm not there from a capital stand point to be comfortable with the investment.

But went about it this way because I am closing on other properties in my own name right now so we used just the father's financials to qualify for this particular one, and the mortgage market does not allow lending directly to an LLC anymore.Simply put, our goal for tax reporting is to divide all rental income for this one property equally in to thirds, and to do the same for all expenses (mortgage interest, taxes, insurance, repairs, etc.).

And thus I have to find other financial mean, outside of my career, to find the means to make sure he has what he needs.It amazes me how many different paths can be set upon with REI, the question is always 'which is the right path for me?'. 

"Disregard" is how I feel with most of the Big name financial gurus.

It might be in NY.Agency disclosure is the mandatory paperwork which goes with the offer and both, buyer and seller, must sign it even if two different agents form different brokerages involved.LBPD and the pamphlet are mandatory for houses built before 1978 and there is a lot of financial responsibility for skipping it.

My background is in the commercial real estate financial markets.