Are there any agreements we should use to ensure we as the borrower will pay them back?

You are looking for a way to help your "seller" hide those assets to financially benefit rather than abide by the divorce agreement.

If all parties mutually agree, we will enter into an agreement where we have an exclusive first right of refusal on any deal that is originated by a student.

I would also request Estoppel agreements from the current tenants to verify that the $550/month lease amounts are accurate.Aside for the numbers, it seems like a good owner occupied 4-plex to get into, but I wouldn't bank on pocketing the difference between the rental income and the $810/month.

Scott,What contingency did you have in your contract/agreement with them? 

She rented the lot only from us, on a m-t-m agreement, and owned her mobile.

I’d make sure you have a strong and specific agreement.

The seller cannot remove his name from the first lien position on the property without paying off the loan  unless that is stipulated in his loan agreement and you can bet your $30,000 that it is not.

Or at least read the trust agreement?

-Current lease 9/1/20 - 8/31/21-Converts to month-to-month after that per the lease agreement-I'm increasing rents 11/1 (can't do it before that because 90 days notice is required.)