Next you either wholesale it which involves marketing, finding buyers, closing...all while trying to make a modest profit.Or you could rehab and resell it which involves properly setting your budget, knowing the market to determine exact repairs/finishes to make, lining up contractors, managing your budget, managing your contractors, managing your schedule to minimize your holding costs, finding an end buyer, with 100+ other tasks mixed in.Your comment about planning is dead on.

That gives you actual ownership.

Hey Mark,Here are my 2 cents...You have done a great job in determining why the family is motivated.

The land trust is a way of hiding the ownership.

Up here, section 8 requires proof of ownership, via property deed, or copy of title insurance.

If you actually own the property and you give someone a quit claim deed, you've transferred ownership.

What if there is a lien in place or a claim of ownership from before the seller owned the property?

Usually you can get refinanced in 90-180 days depending on the lender and the strength of the borrower.As far as structuring the title, that is something you want to get the advice from your lender and CPA before preparing any docs defining ownership.

If you're not comfortable determining this for yourself, I highly recommend you find a good property inspector in your area to go through the house with you.

Assuming they pass the redemption period, will we be able to take ownership of this property?