I had concerns if I am even going to deal with the people who actually have the deed.

This is the response that was communicated by the local office:I understand your concern.

I understand the bank being concerned if they deem the HELOC is being used on a speculative investment that may be at risk during a downturn such as a spec home or flip, but do you think they pose the same risk if he were to use it to buy lower end rentals below market value with equity most likely already built into the deal?

I'm leaning toward pursuing LLC formation (with advice of both attorney and CPA...and spouse) but am concerned about implications for lending. 

If your concerns with leverage is hitting bumps then you are not planning properly.

Hi everyone, Im looking at a mobile home park for sale with 11 lots and a small house.

What would be your biggest concern in dealing with these customers?

This was a deal between family therefore, it was concerned an "arm's length" transaction in which we did not use a real estate agent.

I have proof and am not concerned if they try to hold that against me because i took action immediately after notification. 

I don’t have the money to pay a lawyer to draw something up right now.I’m especially concerned about protecting this asset as the local newspaper published my name address and purchase amount so now anyone who is looking to slip and fall knows where to go.