I have seen this a number of times, first as an employee in a bank where my job was to pull credit on applicants...Do NOT buy a truck or car, furniture or any other large expenditure until the loan closes.  

You should, however, expect to sign recourse individually, meaning the bank can come after each of you in the event of default.

Depending on banks willingness to finance you may want to offer seller financing and hold the mortgage as your seller did when you bought.

I also, can continue the eviction if the bank doesn't carry it out.4 bed 3 bath 2400 sqft with over an acre of landpurchase around $205k  ARV of $360-400k with an estimated reno cost of $50k The Unknown:for being an REO Occupied property, there are no interior pictures so I was only able to see the one picture of the exterior of the home (luckily enough I live a mere 15 minutes away and can check the exterior and neighborhood better)Connecticut has a crumbling foundation issue with many homes (crossing my fingers but also researched a little bit to make myself feel better)How much reno will be needed? 

If I pay for the property in whole with cash, renovate it and rent it out can I still refinance that property with the bank?

In order to get this second loan the bank will want some type documentation showing a link between him and I.

I started my LLC, got a bank account set up and put some money in it. 

Bank does not mind sit on it waiting for appreciation. 

Hi All, I picked up a rental property about a month ago and funds were to be distributed into my bank account August 31st / September 1st from my PM company however I have not received them yet.Just wanted to get opinions on this situation;  and if this has happened to you,, recommendations on how I should go about making sure its taken care of / dealt with?

The bank either hasn't yet realized that someone else already owns the property or they're going through the foreclosure process for a procedural reason.