@Jason Rector Sounds like a good deal for C class properties, maybe not so much for high end rentals.

Would this force me to have to get a hard money loan for the repairs?

I'm no lawyer, it just feels like a landlord could purposefully abuse this by "forgetting" about the documents, and then forcing an eviction by giving an unreasonable compliance time. 

Currently, we are in a partnership with our 2 cousins, but that will be dissolved as soon as the sale is complete.Since we have to identify a replacement property within 45 days, we've decided to join forces and purchase the next investment(s) together. 

He is taking the two current owners to court in an attempt to regain control over the property, force a sale and rid himself of the mortgage they current owners were suppose to pay. 

It seems to me there are arms length transaction issues written all over this and I'm not sure would really get anything accomplished.Let me get this straight....House is owned in wife's revocable trustLLC is owned 50/50 by your revocable trust and your wife's revocable trustYou want to deed the house that's already owned 50% by the revocable trust to the LLC which already owns 50% of the house through the trust?

The key is to finding a property that already has equity or one you can force equity into through a rehab.

Over time valves looses and in some cases pipes deteriorate allowing for steam to escape forcing system to be refilled.

Direct mail, every door direct, bought lists targeted at people with aging kids, bought lists of people with ARMs, HELOCs, you name it. 

So you're saying that the $33K in equity that we'd end up leaving in the house makes it a bad deal, even though that would be forced equity?