@Chris DeSisto I think you are confusing terms.....the “equi” in “equitable interest” has nothing to do with “equity”, as in the spread between debt and value....it’s a legal determination of “rights”, and would apply just as well to an upside down property.

If you aren’t familiar with what this is, it’s a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter.

I know some will scream that insurance will cover you, but not always...They can deny your claim and taking them to court over it may add to your problems if you lose and have legal expenses now to boot.

@Joseph Testa I don't see that being legal.  

@Scott SmithWhat are the legal/liability implications of deeding a property from a person to an LLC? 

After all, we hire lawyers when we need legal advice, doctors for physical issues and accountants for taxes.

You absolutely want title insurance and you want to use Your title co to issue it, not the selling lender’s.A number of things can pop up....some heir from the past had their signature forged, the foreclosing bank missed something in their foreclosure, some legal description error occurred somewhere, etc.

I would recommend that you remove the luan and any other evidence of illegal deleading before you have the inspection, then get the units deleaded legally.

Alternatively, if you have a partner that you trust and fits the above criteria, then it may work.Sounds cool to own a place in Italy, but if something breaks down, there is a legal dispute - and many more problems.... you'll have to converse in a different language and different circumstances. 

And you would probably have to legally disclose this to the buyer.