You would have ongoing filing requirements with the State and would need to keep business records and documentation.

Once your broker has brought you the deal, usually handed over to an attorney to start reviewing title, leases, vendor agreements, financial documents (if applicable).You'll need to be prepared to deposit earnest money as well.

Is it likely that you would have to personally guarantee the loan due to your company not having credit history?

I started a plumbing company a few months ago and don’t have enough history, so I’m looking into either a co-signer or gathering enough cash to pay it out right.

Why would I see all these OLD documents from 1940-2008 that show survivors and granted and gifts if these people have no more right to the land?

Working with family is tough, however, if everyone is logical and you make sure to disclose all aspects of the deal and make sure everything is very well documented and spelled out in contracts, then it is very possible. 

You're right Nathan, it will most likely be students with no rental history.

From the documents I have seen, it looks like he bought the place nearly 30 years ago. 

@Seth Renfro, there will be public documents about the bankruptcy in the town where it went through.

Typically 2 years of employment history is what lenders look for, but they can make exceptions to this rule under extenuating circumstances.