Kier,Thank you for the information you provided recently regarding equitable interest.Guidance the Department received from the Virginia Office of the Attorney General indicated that equitable ownership exists if there are no further terms or options to be met or exercised by the individual attempting to acquire the subject property within the contract.

Side note is to be VERY sure of your numbers on the subject property.

If you've purchased in cash, you're not subject to the usual 6-month seasoning period before you can refinance (google the "delayed financing exception").

My main pre qualifying question would be "do you close subject-to transactions".

Depending on the new layout, you might be able to do the reno with min distribution to half your tenants.

In addition, you'll want to be sure of what restrictions and easements will survive the sale and you would take title subject to.I'm not an attorney and this is not intended to be legal advice, it's my opinion based on my years of handling title insurance claims across the country for various underwriters.  

Does anyone have any recommendations for a closing attorney in the Columbus, Ohio area that will work with creative financing such as, Subject to, Wraps, owner financing and sandwich lease options?

Would a ‘subject to’ be possible in this case?

Or can we just distribute the profits and losses to our returns via a schedule E without the partnership returns?

Or can we just distribute the profits and losses to our returns via a schedule E without the partnership returns?