They may have some resources.Ultimately it comes down to how hard you want to fight for how much return....maybe the subject of a new post?

I know this subject has been beaten to death previously, as I've read several threads on this exact subject.

Motivated Seller has a property in pre-foreclosureWe set up a Subject 2 agreement with the sellerWe pay the arrears to make loan current and pay mortgage going forwardHave a Lease Option Tenant with an annual lease that auto-renews (Option expires after 3 years)This rent covers the mortgage plus provides cashflowAfter 3 year term, Tenant purchases the property at a predetermined price minus downpayment (maybe a portion of rent goes to the principal?)

You have your standard distribution centers, warehouses, self-storage, etc.

I did know what a wraparound mortgage was, or subject to, or subordinating notes, or lease option assignments.So I stumbled along.

What if a transaction was completed after April 1, and proceeds had been distributed to the client?

We don't fill out a W-2 because we are not anyone's employee. 4.Owners get paid through a monthly distribution.

@Peter Walther If the “seller” fails to disclose the existence of an HOA, any CCRs of record (included as special exceptions in the policy) don’t reference mandatory periodic assessments, there is no recorded HOA lien, and the auction terms state that the buyer takes title subject to any existing dues or assessments, how does the title claim shake out? 

Our bank allows us to appraise “subject to improvements” and we are able to take up-to 80% of that ARV out up front.  

Their records are subject to review by the government, real estate commissions, courts, law enforcement, local realtor board ethics committees.