If you record this at the courthouse which most lawyers will do, AND you later have to get that person out of the house, they must sign a quit claim etc. before any buyer's closing attorney will close the sale of the house.If the land contract occupant doesn't pay the insurance you will get a letter that insurance has not been paid and they will sign you up for a new insurance company of their choosing.

One or both sides might have a valid claim against you and your broker if they feel that you did not represent their best interest.

i was then quit claiming the houses into my company name, to limit my personal liability.

If there is a lawsuit the house can be claimed by the winner of the suit and you may find that you now have a new partner who owns 1/2 the house.How you take title is an issue.

Most of the motivated seller leads where people upside down, providing very unrealistic values of what their property is worth.

Your ability to lease and later exercise the option could get wiped out.You might have a claim against the present owner but that is not so clear and might result is no financial gain.If you can not buy it is likely your option will become worthless if the foreclosure goes through.Is the option recorded?

A lien is a claim to a piece of property (house, car) that serves as collateral to secure a loan, and can be claimed by the debtor if the loan is in default.Like if your mortgage is for 200k through Countrywide, Countrywide has a lien for 200k on your house until it is paid off, and should you default, they take your house.

They get to claim the tax write off - just like a home owner - and they get a share in the house appreciation - just like a home owner - and they get to maintain the house - just like a home owner (I make sure there is a home warranty to help them out).Good luck!

By doing this your personal assets are not exposed to liability claims as a result of you business activities.

I thought the moneyto any one that claimed it first.