Either I take it on or the lender does.In short term deals I've performed with an AUD lender, I accepted the risk of currency fluctuation and it was written into the lending contract that they were to receive their base AUD amount plus interest as agreed, regardless of any currency fluctuation.  

And be prepared to discover that employment verification has been outsourced by some employers to some third party operation such as The Work Number - and that these third party operations charge a fee (roughly $20) to verify employment; so do you pick up the cost for that, or are you planning to pass that along to the applicant?

You would probably do the best to start in performing mortgage notes where you act as the bank.  

My end buyer could seek specific performance and sue me to deliver title that I don't have. 

A POF shows the ability of a buyer to buy, the ability to perform in the contract as it has been made.

I've decided my first course of action is to get the third party authorization and see if Bank of America has not foreclosed for a particular reason (i.e. have they already gotten an unfavorable Phase 1?). 

If you want to isolate performance down to each rental, you can set them up as separate entities and track income and expenses for each.

Third, yes, you are correct, you must trade equal or up in value based upon your net sale price (not profit, taxable gain or equity). 

Thirdly, the IRS will also look at the scope of other activities of the tax-exempt entity to determine whether the activity is part of a business activity or an investment.

Think of it as a business man allowing an unqualified employee to perform work that will have the business mans name on it?