Back in those days, apartment units were selling for $7,000 and she had addictions that were excessive, compulsive and she literally blew millions of dollars on drugs, gambling, cars and shopping.

Just write a note that says you gave him a refund of $XXX and he accepts it as the final settlement of his account.

Another option to ask them if you could buy the property at a set price with payments of $50,000 per year (how much salary was he wanting) for xx years with a balloon payment of $x,xxx,xxxThis angle versus the trust angle.  

I’d start there and go back to your realtor and lawyer and tell them that if you close you’re now out $xxx (figure out what that number is based on lost rent and delays) because of incorrect information provided on xx date and that you’re planning on backing out.

Now 40 years later imagine them worth around $xx,xxx,xxx.   

Each area has different legal definitions of who has a "Duty to XXX". 

Even as I completed the paperwork for the HELOC I recently got, I compulsively podcast, read books and interact on these forums.

If you can model complex scenarios and adjust on the fly, you'll have a valuable skill set for anyone.Check out adventuresincre.com for some typical job descriptions, they do a neat day in the life of XXX.

I am not a tax professional, but my understanding of 871(d) election https://www.law.cornell.edu/uscode/text/26/871 is that there is no need for a LLC, you just add a sheet of paper to your tax return where you say§ 871(d) Election to treat real property income as effectively connected with U.S. business(a) property(b) interest(c) location(d) improvements(e) election yearAfter listing the 5 columns above for each property, you say it is your election for fiscal year xxx, you put your SSN or ITIN and sign.

I’ve had tenants be honest that their credit is a bit low because of xxx, and I took their honesty into account when reviewing their application.