From my limited understanding and searching around on google, it seems appraisals are mainly important when there is a loan of some sort involved.

Any one have any contacts there or know of another company involved?

I believe while this seems to be an issue in some areas a better way in all areas would be to use a Warranty Deed or if the is financing involved, a Special Warranty Deed subject to the existing financing.

Eric,ERISA Section 502(c)(2) calls for prohibited transaction penalties up up to 100% of the amount involved in the prohibited transaction, which, for something like this, would be the amount of money in the plan.

Now thanks in part to all the complicated contracts and disclosures involved, many buyers/borrowers don't have a clue as to what they're signing, and hence the isues with mortgages!

Seems an LP entity would allow me to limit their active involvement of the business.Thanks for all the input.

The down side to that being if he doesn't cooperate, I have to involve the magistrate.

Hello Everyone,My name is Brandin Johnson and I've been a member of Biggerpockets for a while but I wasn't really involved,but I would now like to change that.

If you live in an area where there aren't alot of foreclosures and market has stabilized, I'd personally be comfortable with building spec.

The one I do know involves a lawsuit and settlement with the insurance company.