Not sure how constitutional it would be to outlaw two perfectly legal business contracts, a lease and an option, just because both were between the same parties.But remember this is the same legislature who tried to put through the "dirty cheerleading" bill and did pass the legislation to put in effect the largest steroid testing operation in the world!

You need to know your local laws to understand what you legally need to do.

If you do try to form a partnership and solicit funding, you need to get good legal advice.

Legal paperwork in order - Both parties signed.

My situation is that I am currently involved in a major legal battle and need to reserve my funds to be able to deal with that.

Can i use Both of them As long as the contracts state everything (terms) on them and then that will make them legal to use?

Both ethically and legally.

And do you think it would be too late to seek legal help reagring the situation with the loan officer?

Normally owning the property is a legal requirement to list a property.

The legal details are more or less the same.1st loan secured by either a mortgage or trust deed.Seller financing providing a second loan and secured by the property.I will let the mortgage brokers spell out the financing details (rates and terms).Be very careful with commercial.