Once your broker has brought you the deal, usually handed over to an attorney to start reviewing title, leases, vendor agreements, financial documents (if applicable).You'll need to be prepared to deposit earnest money as well.

Why would I see all these OLD documents from 1940-2008 that show survivors and granted and gifts if these people have no more right to the land?

Working with family is tough, however, if everyone is logical and you make sure to disclose all aspects of the deal and make sure everything is very well documented and spelled out in contracts, then it is very possible. 

From the documents I have seen, it looks like he bought the place nearly 30 years ago. 

@Seth Renfro, there will be public documents about the bankruptcy in the town where it went through.

Without realizing that his POA was not valid (until our trusted title company informed us of the incorrect documentation) we now have a contract with someone who cannot legally sell us the property.

I plan to consolidate my ideas into a single document once some dust settles at work.I'll try to post again by this time next week :)Thank you for checking in and keeping me on top of things!

Others might be fine with taking risk, but least by doing this a person can get an idea of what might go wrong.e) Legal document analysis: it will usually take a few days to go through the legal document properly, as almost inevitably there are tons of gotchas that either have to be explained, or mitigated with a side letter.That is the very short summary of what I do.

Even better, have the interest accrued be paid to the tenants prior to closing (with documented acceptance by the tenants, of course) so you can then start from a clean slate with depositing the security and tracking interest.

To be able to qualify on boarder income, you must be using the Home Possible and can prove that they have lived with you for at least 12 months (with proof), as well as documents proving that he has been paying rent for 12 months (cancelled checks, receipts, etc).