(I)(1) The terms "real estate broker," "real estate salesperson," "foreign real estate dealer," and "foreign real estate salesperson" do not include a person, partnership, association, limited liability company, limited liability partnership, or corporation, or the regular employees thereof, who perform any of the acts or transactions specified or comprehended in division (A) of this section, whether or not for, or with the intention, in expectation, or upon the promise of receiving or collecting a fee, commission, or other valuable consideration:(a) With reference to real estate situated in this state owned by such person, partnership, association, limited liability company, limited liability partnership, or corporation, or acquired on its own account in the regular course of, or as an incident to the management of the property and the investment in it;(b) As receiver or trustee in bankruptcy, as guardian, executor, administrator, trustee, assignee, commissioner, or any person doing the things mentioned in this section, under authority or appointment of, or incident to a proceeding in, any court, or as a bona fide public officer, or as executor, trustee, or other bona fide fiduciary under any trust agreement, deed of trust, will, or other instrument that has been executed in good faith creating a like bona fide fiduciary obligation;(c) As a public officer while performing the officer's official duties;(d) As an attorney at law in the performance of the attorney's duties;(e) As a person who engages in the brokering of the sale of business assets, not including the sale, lease, exchange, or assignment of any interest in real estate;(f) As a person who engages in the sale of manufactured homes as defined in division (C)(4) of section 3781.06 of the Revised Code, or of mobile homes as defined in division (O) of section 4501.01 of the Revised Code, provided the sale does not include the negotiation, sale, lease, exchange, or assignment of any interest in real estate;(g) As a person who engages in the sale of commercial real estate pursuant to the requirements of section 4735.022 of the Revised Code.(2) A person, partnership, association, limited liability company, limited liability partnership, or corporation exempt under division (I)(1)(a) of this section shall be limited by the legal interest in the real estate held by that person or entity to performing any of the acts or transactions specified in or comprehended by division (A) of this section.

Owner is about to go into bankruptcy and it was gifted to him by his mother.Can he owner finance it to us to keep it out of his bankruptcy so we can get it locked in until we are ready to pay in full next year?

The borrower was in CH13 bankruptcy.

This includes but is not limited to marriage licenses, divorce settlements, child support, liens, bankruptcies, or judgments.

He has now informed me that the company has been shut down and he may soon be declaring bankruptcy.

If your investment horizon is short, be sure verify that your state's homestead laws and bankruptcy rules won't allow this co-owner to exempt this home from debt collection. 

Hi Scott,Don't underestimate the profit you can get from a small deal.Bought correctly, not only will a small deal (say a 4-unit building) gives you the experience, if you got the property at the right price you can 1031 exchange it to a 20-unit building.That's how I came out of bankruptcy - started with a 2-unit then worked myself up to acquiring over 1,000 apartment units.Another option is for you to partner with an experienced investor but the downside is you're going to either give up more equity (or profit) or you're going to put up all the cash.You can structure something like this:Partner A (you) - puts up 100% of the cash and on the loan and does 50% of the workPartner B (expert) - also on the loan (so he is also liable) and helps you qualify for it given his experience and he also does 50% of the work in addition to coaching you on your 50% of the workThen you guys split all the profit (cashflow plus equity) 50-50.

@Cathy SverclMy understanding is that since the owner is in chapter 13 bankruptcy, a subject to is not an option.

There may legal events regarding the file which mean we have either bankruptcy or foreclosure issues.  

Like: filing  bankruptcy, try to come back a week or two from now  and claim he did not move, wrongly evicted cuz he didnt leave keys.....