Granted, until probate is complete the passage of title is not legally complete, but there is no point in time where "no one" holds title (and a dead person can never hold title).As others have said, you can add language to contract to protect yourself from the son coming after you for the mobile home, but if the son does not hold title to the mobile home, you cannot become the owner unless you find the guy who holds title and get them to pass it to you.

I used a standard P&S agreement but their attorney felt it didn't protect the buyer as well so they drew up another contract that will be between the buyer and seller and an addendum that states I get the $4,000.

Your security deposit is the only thing that protects you and gives the tenant skin in the game.

@Hector Perez,Most experience investors will want to know how you will repay them and what will protect their investment plus how much skin you will have in the deals...Joe Gore

HI Derek Check out my blog re Sub2s I don't know what NM laws are regarding recording the deed...In California you don't have to but in AZ where I buy properties I record the deed in an LLC to protect my assets but either way make sure you set up the safeguards I mention...I don't like lawyers getting involved... find a title company to handle the whole enchilada...Make your payments to them i.e.a collection company who in turn will service all the debt on the property....Any QA let me know

For example, are the following types of insurance necessary for rehab projects, buy and hold properties, LLC protection, etc.?

The zoning issue is if it is not zoned for duplex, but is grandfathered- lots of loan companies will not go through because of lack of security (ie-value not protected).

Recommend you get an attorney to draft your first one to make sure that your interests are protected, the partners responsibilities and duties, are documented, and cost and profit sharing is clearly defined for all the possible contingencies that may arise.You may need to also consult a CPA regarding the partnership tax return that your partnership will need to file.

The author lost me when he wrote, "In fact, some allege that the U.S. wants to protect this [currency] status so badly that it invaded Iraq because the country began selling oil in euros instead of dollars."

The only reason why I recommended the non-recourse loan, as you already mentioned, was to protect other properties that have been acquired via private money.