In some cases you may be able to get an assumability clause in the contract as well allowing you to sell all 5 with existing debt.

I am told we most likely want a Tennants In Common agreement where we equally share 50 percent and all of our individual terms will be written into a separate legal contract.

Finish his contracted work at the same price?

So it depends on what the property is worth and what the contracted sales price is.If you've got a $1M property that you're buying for $500K, the bank will most likely only give you about $400K. 

Im looking at getting a quadraplex under contract and wanted some feedback on my analysis.

Make sure your contract is contingent on inspection, financing and appraisal. 

Guardians of the Equity,I am currently under contract on a wildly mediocre looking investment duplex (2b/2ba per unit). 

If so any changes in the leasing contract?

I am financing the down payment, closing costs, and rehab through a private lender on a $20,000 loan at 9%.Purchase Price: 85,000 (5,000 down, and 6% interest only payments to seller for 6 months until refinance)Rehab: 7,000 contracted out to my GCARV: 145,000Rent: 1,550 per monthDuring the first 6 months I will cash flow ~$275:Vacancy (5%) - 77.50CapEx (5%) - 77.50Repairs (5%) - 77.50Garbage - 50Interest Payments to Seller - 425Interest Payments to Private Lender - 150Insurance - 80Taxes - 333After a 6 month seasoning period, I will refinance for 105,000, again ARV is 145,000, so 72% of the ARV (I can refinance up to 80%, leaving me some wiggle room if needed).

The key is to make sure you add "and/or assigns" after your name on your offer letter, and make sure that there is language in your P&S to allow you the right to assign your contract into an LLC or other entity before closing. 3) Should we even create the entity before purchasing, or do we purchase the property ourselves and transfer something (title, idk) into the entity?