If this is a contract that is being assigned to your new buyer, and you already have your money in escrow, you should then have your buyer send funds into that very same escrow with instructions that your EMD amount, plus your fee be sent to you at closing.You can of course structure it in a way where your buyer pays you directly, but it is recommended to do everything through the third party.

That might be signing off on asset inventory as you acquire it by both of you which states what the item is and cost and where it is to be stored or any other relevant detail to create yourself a paper trail.

Don't get overly concerned about public liability but you do need to be aware, keep properties in good and safe condition, know the rules and conduct your business with attention to details and you should be fine and carry insurance....And I believe Texas has an LLC that limits liability to a subject property safeguarding other business assets, which is unique, I suggest you simply form your business in Texas.

See these other threads where I have posted more details about this:http://www.biggerpockets.com/forums/93/topics/74037-great-wholesale-deal-but-little-time-what-do-i-do?

But I hate "programs" with step by step instructions because they don't teach you to think.

To add more detail, the child still has not had a court date, been convicted or pled to the charges.

I dont see why this couldn't work as long as all details about how income will be split and how expenses will be split.Does anyone have suggestions as to how we would collect money and split it?

The option to purchase spells out the details of the option money (which is whatever the two parties agree on in writing), and how it will be paid.

You'll find this is a wonderful resource to learn the real world details of REI.Second - to answer your question, I would start by reading anything that Joel Owens has written/replied to.

As Steven posted above, your friend should be contacting the QI for instructions on how to proceed so as to not jeopardize the tax-exempt status of the sale of the relinquished property.