It is under contract in my name, not an llc or not transferable to.

This is very easy to comprehend if you consider the notion of "subject to" investing, where the mortgage stays in place upon transfer of the title/ownership.In a typical REO sale, a title search will be performed, and the bank will have to clear all existing encumberances before the buyer accepts it.

Total debt has increased each year even during this new "era of austerity" because we have merely transferred debt from individual families and businesses to the government, in effect making some people's problem into everybody's problem.2.

In a subject to situation title to the property is transferred to the buyer, but the original loan stays in the original borrower's name.

After funds are deposited into my biz account, can I transfer funds from that account into my personal account to cover personal debts?  

This deal can go south quickly as you have your additional costs on top of your construction bids of closing costs; financing; insurance; utilities; property taxes; permits; realtor commissions; NJ transfer tax etc..

The deposit should be transferred to you from the previous owner, make sure that happens when you close the transaction.  

.*  He stayed there about 4 months until the baby could transfer to San Diego and they now live at Ronald McDonald House here.Don't get me wrong - I profited off of both tenants, so I'm no selfless saint.  

You may want to have the Seller refund that money at closing (with receipts) so it does not come back and bite you or you may want to be sure it is transfered to you.

Your lien is held against the property "until it transfers".