A wealthy friend of the family has an arrangement where he has been a passive investor partnering with a contractor/flipper for a few years now.My friend provides all the cash to buy the house.

Explore other arrangements before forming a business together. 

Situation:Have an elderly property owner who has owned their residence for 20+ years. Current value in the $600K to 650K range +/-They LIVE in the home. They have an existing 1st lien on it with a current balance of A...

@Garratt BrannockA bank isn’t involved in a seller-financed sale; the buyer and seller make the arrangements themselves.

There is a cost for them to contact the service provider and arrange access with the tenant.

IRA's are Individual Retirement Arrangements, attached to only one social security number.

If not, arrange for an exterior walk with a contractor for "planning purposes only." 

@Michael RamzyIn Canada, you will be running a high risk the lender will exercise their Due on Sale provisions if they get a whiff of a wrap/subject to arrangement.      

Any items stored on the porch (or in the yard visible to neighbors) shall be minimal, be arranged neatly, and must not impede access to the unit.

I would be trying to make arrangements to get into the property before closing to get cleaning and repairs done.