I might even write a contingency clause into the offer requiring the seller to pay for any code violations resulting from the CCI.Fortunately or unfortunately, unrecorded code violations are not considered encumbrances on title, so CCI and RRP issues will not prevent closing.

The title company wired all the funds to my name vs. splitting accordingly.Example #s)My tax burden: $10,000 Profit - $3,000 Partner = $7,000 my taxable income x 30% = $2,100. 

You don't have legal title, and push come to shove in order to win standing you'll be paying some bucks to an attorney...thoughts on that?

The title said discussion from VA. 

Yes by foreclosure I mean filing for quiet title and then eviction.  

If a property is titled in the name of a corporate entity vs. a person, you would have to get a commercial loan to acquire the property - and banks do this all the time.  

Buy it sub2 and get on title, fix and resell2.

Done every day.You need plans, specs, a purchase contract/builder's contract, title to the land and the lender will take care of the rest.

Closing without a full settlement at a title company is generally a VERY bad idea.

They choose the title company or you can use your own but you have to pay for all closing costs.