My comments at times might be given a more investor spin but that pretty much requires very long posts, I often choose to just swat the fly instead of explain where the fly came from and how to draw it outside.

They make up for it with pre-payment penalties, and interest off of you during your draw period.

@Ryan Ahlgrim @Howie MillerI've heard of people opening up a line of credit and drawing down on it a few months before they plan to do an acquisition, with the idea that the lender will only look at the past 2-3 months of bank statements for proof of funds so won't see the large infusion and start asking about the source.  

I am a professional Architect.Apart from regular building design, I designed many big and small scale commercial and residential renovation projects, However this was my first hands on(literally, looked around for the cheapest and good material and hand carried them to the site.) flip as a Real Estate Entrepreneur, where investors put their money and I put my sweat equity in terms of design, construction drawings, permit and construction management.It was a Gut open rehab.

My worst bad beat was flopping a set of Aces, going heads up against a very young aggressive player half-way into the tourney, and watching him draw out TWO running cards to a straight with junk in his hand!

Back to the drawing board, read up on assignments here on BP.

To minimize the time, make sure your architect, engineer and surveyor are all familiar with City of Atlanta permit/drawing requirements.

Too much room for pollution from that same group of slick folks who convince people that wholesaling/flipping/landlording is the quickest way to untold wealth and the only finger you need to lift it the one that flips open the checkbook and writes a really big check for a really simple to follow formula.

What I would do in your situation, and I'm sure someone else on here might have better advise, is to contact a real estate attorney and have them draw up a small contract/agreement between you and the seller.

I did some research and it seems the best way to partner on the deal is to take title as tenants in common and draw up a joint venture agreement spelling out duties/obligations, profit split, and exits.