It often will have all their legal verbiage on it.

Is there some “common area” description in the deeds/legal descriptions?  

I'm not sure if this would help but I am the owner of her officialDeath Certificate and in the (Informants Name) box my name is on it, I was the one who paid for her cremation and did all the legal papers after she died and I was the one who she left her Life Insurance Policy to as well as I am her 401K Beneficiary...

I'm not a Lawyer, and this is not to be interpreted as legal advice, however, here is what I see has happened:1 - Faulty Option contract made worse by Owner's actions:  Somehow, even after the contract to buy has come and GONE (my math says 2007 + 5 years doesn't include year 2018), the tenant buyer has been allowed to continue to make (and have accepted...BIG problem) payments on the Buy Contract. 

@Omar Khan From the way @Christopher Phillips described it, I think the objection regarding "quiet" is a lender's legal department being overly - and I think unreasonably - cautious.As to describing neighborhoods, I might say "look at the condition of the surrounding homes". 

What kind of tenants are they from the legal perspective?

A degree is always good to rely on as long as you don't take on a huge amount of debt to receive the diploma. you can work on both at the same time.

That's mortgage fraud.If they don't have equity to tap and don't have the cash to lock in a new home first, they'll have to sell their old home first and the buy something.Lenders look at debt to income ratios (DTI), if the some total of the old mortgage and the new mortgage goes over a certain %, which is based on the type of loan they're looking for, they can't get the loan.

Do not rely on it for legal advice.

Putting the tax implications on the back burner...What is the legal exposure here?