It's funny you mentioned  condo ownership,I talk about that all the time especially seeing you can buy some cheap.

That is a lender owned property IMO; they will create a holding company to take ownership of REO properties often.

its gives you are more accurate idea of the true cost (not just financial) of ownership and the business. 

The other typical avenue is you double close where you actually buy the property and immediately resell it, in this case there is not even a semantic slippery slope since nobody can argue you are acting as an unlicensed agent if you actually take ownership of the property.If you tell someone that you will sell their property for a fee and don't have a license you are most likely breaking the law in any state.

Realistically, it would take about $1million more just to get the property back to good, not excellent, but good condition.He is out of money, borrowing money from his wife, not paying vendors, not paying contractors, not paying employees, not paying taxes, not paying state required business fees ... the list goes on and on.This is just a small example, and just one example of the expenses involved in ownership, which is why what you need to bring to the table is a very small issue.One of my mentors has this rule of thumb.

If he is coming in with just experience and you are taking all of the risk structure it to your benefit: You hold 100% ownership he draws a 10% of net profit salary and earns 10% ownership stake every year for the first 5 years the business is open.

Any lender will see that the property did not change ownership, but simply the structure of ownership.Consult with a competant RE attorney who will confirm exactly what I am saying.

Angels are peopleright in your own community -- people like accountants, attorneys, doctors or other individuals who actively look for new businesses to invest in, in return for part or "equity" ownership.

And it could be a loan within MERS where the ownership changes are maintained within MERS.If this goes on long enough, eventually the property gets sold due to the unpaid property taxes.

I have considered investing in Mexico but the thing that keeps me away is fear that the people of Mexico could vote in a socialist government with anti foreigner ownership laws.