My understanding is that the noteholder agrees to a settlement amount and the deed is hers free and clear.Back in 2007 an individual transferred a deed on a property with an outstanding mortgage of $535k in Brooklyn NY.in 2008 The seller passed away. since 2007 not a single payment has been made to the mortgage.

@Bryan Hancock One of the benefits of the old rules for accredited individuals was that they were easily understood.  

You should allow them to terminate the lease without penalty....that is unless you want them to file a complaint with the housing authority, or the courts or some other entity.  

Hello and Happy Holidays everyone, I am in search of a new real estate attorney and hoping that someone, or anyone might have some good recommendations of individuals I can sit down, have coffee with and chat about investing.Thanks so much for your help. 

From reading BP articles and listening to BP podcasts, I’ve learned that hard money costs will be dependent on the project, not the individual’s income or credit score.

I had a similar situation happen where we were high bidder on a property but the agent convinced the seller who was out of town to sell it to a local individual who is well connected in the communityDefinitely was very shady but nothing you can do except move on to the next one

There are also individual training sessions on a variety of topics.

They do not automatically and completely shield an individual from liability.

I'm doing something very similar to this now with a trusted individual who has the money.

Any business related expense that is allowed for a rental activity operating within an LLC is also allowed for the individual who owns and operates the rentals in his/her own name.