-Steven the Tax GuyYour guide to IRS laws, rules and regulations.

Community property laws have nothing to do with your loan, it's your marital interest in the property, if you are not on the note it is not your obligation.

Also how hard would it be to get renters out of the home if I where to buy it.There is Federal law that covers Tenants at Foreclosure, and what the Tenants' rights are after the foreclosure.

It is important to know your local laws!

My brother in law is also looking to get back in - although he and I tend to differ on the home condition and tenant interaction so I'm not sure how much use my help will be for him.I don't expect anything from these people.

By law, Officers and Directors, employees and volunteers may not be held personally liable for their actions except for intentional acts.

Check your own state law terms. 

With that you will have to register the fund and comply with laws and regulations including who can be an investor (accredited investors or friends and family) and who can not.

Since the person is local, it likely is more accurate to your state laws, etc.While you're likely in competition with REIA members, they could also be your end buyers.

There are laws and reg's in NY that most states do not have.