The first involves more paperwork, but gives you some asset protection.

I'd rather cross t's and dot i's on loan paperwork than on legal paperwork while preparing a defense.I definitely appreciate your advice and the healthy dose skepticism I see in most of your posts, however, what I'm looking for is the correct go-forward path, not the don't-do-it-it's-risky path.Just because 50 title companies say they won't perform a double-closing doesn't mean it can't be done and it certainly doesn't mean double closings are illegal - it just means you need to search for a title company that's smart enough to handle the deal.

Paperwork defects, borrower performance defects or collateral defects, etc.

He or she will work with title and escrow and can also provide generic paperwork for your lender.

I am going to begin looking through his paperwork so that I can research this a little bit more.

The owner whom I already contacted left the house over a year ago, he told me they foreclosed on him, but tax docs say otherwise.BOA says it isn't their house(blah blah) but their name is on the paperwork clear as day.I was told by the code inspector putting notices on the house they do this all the time so they are not technically responsible for all the code violations, etc.Very weird process with these type properties.

IMPORTANT: Have your paperwork provide an area for a notary in their county to witness their signatures.

I would like to see if doing it under the LLC brings about any hurdles as financing all transactions through the LLC or extra recording or paperwork, I don't see any tax implocations with a pass through entity.

@Alex Martens , I do think him paying rent can solve the fairness issue, but I think him paying rent and filing the paperwork that way and taxes that way may get you into a grey area for an owner occupied unit.

I need to get paperwork ready to give to the tenant I am not keeping.