When I represent both sides of a transaction I make sure everyone understands that I am beholden to both parties.

It's very, very illegal and you can be fined anywhere from $500 to $1,500 PER TEXT. 

Talk to them about their budget and get an idea of what they are spending for different improvements and try to pay attention to some of their costs in comparison to repairs or renovations on other transactions you might have had recently.

There is a huge opportunity that the company wants me to pursue of not just suggesting real estate, but then also managing all the way through the transaction.

My advice is in regards to the more typical transaction.

Really - my question is two fold. 1) What unique contracts/documents do I need to be prepared with to move forward with these types of transactions assuming I am 2) What should I pull in attorneys, title companies, etc.. for? 

I’m in no way trying to do anything illegal, just curious if anyone has tried it and if there were issues!

The complex part is you cannot treat it just like a business transaction due to the emotional aspect of a relationship.   

That leaves about $225,000 after payoff of your current loan, and after the upfront costs and prepaid taxes/insurance associated with the transaction (ballpark of $10k), you could be looking at around $215,000 or so.

You can have the money flow through one of the entities created (if everyone trusts each other) and then reconcile it at the end of the transaction.