Hold harmless clauses and insurance don't prevent a lawsuit, they are simply layers of protection.  

@James Masotti In NC setting up an LLC is simply answering a few questions.

I am also seeking for individuals like retail buyers that are just searching for a great deal on their next home, or better yet maybe their first investment opportunity.That being said there is always room for the families who simply fell behind due to things like-doctor's bills, job loss, forced relocation, divorce, death of a loved one, etc., these are just a few of the horrible situations that can happen to any home buyer along the road we all call life.It is my goal to personally and professionally deal with all of the parties involved, in a continued effort to find and secure as many solutions, for as many people as humanly possible. 

And then we got married and had a baby.Now I have the better job I was looking for, but taking on some student debt, adding my wife's previous debt to the equation, and having to find a better place to live put a serious dent in my investment plans.The house is renting and breaking even while we rent elsewhere for a slightly lower price, and we're making just enough income to save a little and not dig ourselves a hole, but we're not on the path to much growth right now, and we have no borrowing power.I'm looking to volunteer my time to help some established investors out and gain the real estate experience and skills I need to eventually land some profitable partnership deals despite my limited spending power.

This layoff has happened and now you simply must move forward in the best safest way possible.With all that said I might be the only person here who does not think you should jump into this "free home" deal.

also he says they are "ignorant about the law" for thinking that you can not sell the property simply by having it under contract.

I inquired as to why anyone would want to be rid of a property like that and he replied saying that he simply had too many properties in his portfolio to manage. 

Unsupervised, the PR simply files a final accounting when complete.

We chatted about the deal, but the discussions didn't get very far simply because it would have required a good bit of my time invested (perhaps not *required*, but I'm a control freak), and I'm short on time for the next couple months.The numbers needed to be substantiated, but they weren't too bad (in my opinion)...

Thus, the gains from the sale may be taxed at a higher rate.The Seller:  The seller could simply renege on the deal when it comes time to exercise your option, leaving you with an expensive litigation option.