I'm excited to have discovered real estate and BP!

I know I'm jumping in late, but just wanted to make you aware of something I just discovered today.

@Michael DunnYes, you could, if your financial institution offers that product - Most do not.

personally I would not be buying any rental property that is not institutional grade.

They go to the institutions first, then make their way down to us.

We are about to close on a Fannie Mae REO property purchased at auction and discovered (much to our surprise) when looking at the HUD-1 closing statement that we are responsible for paying the attorney fees for the seller of the property.

Being that the bank or lending institution didn't actually live in the home they are not required to provide a property disclosure by law as all other sellers are.2.

If you think you will go FHA, Conventional, 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

I'm seeking out information on possible legal issues he will face if he tried to cover the wall up, does not disclose the foundation issue, a sale is made, and the buyer discovers the issue. 

Just seen a story not too long ago where a guy discovered someones grave in in the basement.