The other 4 units just need carpet and paint and 1 or 2 light fixtures replaced to get rent ready again.I bought it from a landlord that let things go and mentally checked out.We are working to correct the maintenance issues and retain the good tenants.

, Don't know what the right word actually is, retain ownership of all of them and rent them out.

We talked with attorneys and they all agree that he committed fraud but we don't have the money to retain them.

Sure, sellers can hire an attorney to protect themselves against suit, but mosr will jot simply because they will not be able to afford a retainer.

Hence, my asking around.So, yes, I G.C. my own builds and do retain those profits.

As with anything you purchase for your business or personal, always negotiate what is yours or what rights you have retain items and what you are paying for. 

I can't see any mechanism where you could retain your FHA mtg, doing a partial payoff either, but maybe there is a way to do it.

-are retainers involved?

Look for phrases like lender "shall forgive the deficiency/balance" "shall not pursue the balance of the debt" "shall waive the deficiency /balance" "shall consider the $ received as full satisfaction of..." etc.NOT "lender shall lender release the mortgage for the $ received, but retain the right to puruse...."

The reason I mention the not cutting of grass for the guy with the rat problem - the house is sitting about 30' high above the street, on top of a huge retaining wall.