No legal advice intended, I'm not an attorney, just my understanding.What is very important, however, is that you protect yourself against those requirements that involve lender licensing, usury, and the SAFE act.

It is from having it established correctly and operating correctly so if there is a legal challenge in the future the LLC passes the test.If you think you have assets as risk and want an LLC then handling it wrong is not really much better.

Legally not paid.The county showed that the taxes were paid as the state had paid them to the county.The state maintains a list of people who owe them taxes.

More because it would be too hard to educate the agents as to the subtle details that have to be managed to keep things on the legal side of the line.John Corey

Whether they win or not, YOU WILL LOSE (due to the legal fees, etc).The risk on this deal is high and your reward is VERY LOW ($5,000 to $10,000).

You might have a legal claim against the "mentor".

Your legal right to a copy would likely vary by state.

I've been looking in my community local paper in the Legal Notice section where Pre-Foreclosure notices are posted.

(3) I get him paid up, and then we have a legal agreement that we "co-own" the house and he has to keep making payments, and if he doesn't, I can buy the house for a pre-determined price if he gets behind again - I read about this somewhere, but it's not clear how this would work to me I'm leaning toward (2), to draw up a legal document saying that he is selling the house to me, and at the same time, pay off the bank for him and get everything level so that the sale can go through and I have time to get conventional financing.

Ryan,Wouldn't you CYA a little better if you said to the seller "to make this legal, we have to put down $1 earnest money."