We are getting very tired of running our small biz,We are wondering what is best to invest approx 100kPay Debt or Fix & Flip?

If a note is found to be out of compliance, errors or negligence of any previous note holder, the note may not be a valid debt or collectible and you'll be wanting that seller to buy it back.

Source and Seasoning the Down Payment: Conventional lenders (for the most part) will require that you verify, that, for AT LEAST 60 days, you have had: either the funds in your account OR you have earned (maybe a bonus at work, business profits, ect) or are entitled to funds (retirement savings account, inheritance, award prizes, proceeds from the sale of an assett, ect) and can prove where you obtained those funds from to show they are not a new debt or ineligible funds (funds that can't be sources or borrower funds).As to the LTV/CLTV: you will not be able to have the agreement between you and your fathers friend recorded against the property at time of closing, because of the CLTV restrictions, you can borrower 60% from conventional financing and get a 15% 2nd mortgage from your fathers friend, but, this would not normally make sense to do since the 1st mortgage is willing to go to 75% anyway.

The proposed tax hike does not even touch the Chicago Public Schools debt or other city debt (bonds and other pensions). 

Are you looking for debt or equity investors?

A fiduciary corporate trustee (in SD, UT, NV, or AK) provides administrative duties in compliance with trust situs requirements.The irrevocable trust, which maintains fully discretionary distributions with no ascertainable standard and meets the requirements of the Restatement (Third) of Trusts along with those of 11 USC 541(c)(2) and is "a restriction on the transfer of a beneficial interest of the debtor in a trust that is enforceable under applicable nonbankruptcy law is enforceable in a case under this title" is fully judgment-proof against state and federal claims.  

Another play for a junior Bene with 100% control of that lienholder position is to get tg he partners to assign their interests to you.Next, abandon the security by recording a partial reconveyance.Then, sue your debtor.The idea is to avoid getting wiped off if the sale of 1st won't produce surplus and still provide a future opportunity to negotiate with the debtor when the pressure is on and YOU have the upper hand. 

If he's got small amounts of debt, as you noted - I'm assuming we're talking some small credit card debt, or other installment amounts - those should either have been paid off already, or paid off with the income from the rental property. 2.

As you know all a debtor has to do is declare BK & the judgment becomes worthless.I want to make sure the is a complete file on the debtor(s) including social security numbers & a recent credit report.Thanks

Have you asked if they want debt or equity?