In a typical contract for deed, there are no origination fees, formal applications, or high closing and settlement costs.

My thought would be that they would need to formalize something to ensure that any lending done for on the property is done accurately.

Factors Courts Consider in Piercing the Corporate Veil(see www.nolo.com/legal-encyclopedia/)There is no real separation between the company and its owners.The company's actions were wrongful or fraudulent.The company's creditors suffered an unjust cost.The most common factors that courts consider in determining whether to pierce the corporate veil are:whether the corporation or LLC engaged in fraudulent behaviorwhether the corporation or LLC failed to follow corporate formalities[A]whether the corporation or LLC was inadequately capitalized (if the corporation never had enough funds to operate, it was not really a separate entity that could stand on its own), andwhether one person or a small group of closely related people were in complete control of the corporation or LLC.Some corporations and LLCs are especially vulnerable when these factors are considered, simply because of their size and business practices.

Even though it might feel overly formal to draft a lease when dealing with friends, it's a necessary safeguard against potential misunderstandings and conflicts down the line.

This law applies to persons (including banks) who purchase a property sold at a judicial foreclosure sale.

If you do a formal Subdivision, you will probably be required to dig a test well

I'm 61, so my background goes back too far to be relevant, but I am formally educated, I owned a 7-Eleven franchise from 2006 to 2016, and since then I've been an active trader focused on trading options and managing my investment portfolio.

Today Limited Liability Companies are the most used entities as they are offering the same level of protection than LP in some states, but with much less formalities and cost.

Most foreclosures in Arizona are non-judicial foreclosures and do not require a court filing.

Unlikely its going to be 6% or anything close to that.If you don't want your friend on title, then, at the VERY least, you should formalize this loan by giving him a promissory note and a deed of trust (or mortgage, if that's what your state does.)