The Metrics for the Joint Venture are as follows.Joint Venture Outline:Investor maintains ownership of each property in his entity until the purchase lease is exercised.If a lease is broken, the Investor has the choice to sell or re-lease to a new tenant.Investor is in control of property management.The seller receives payment from the Property Management division after closing.Properties purchased at an average of approximately 75% of value.Income Division:At closing, 3 months of advanced lease amounts, divided 80% to Investor and 20% to Seller.Continuing net rental income of 60% to Investor and 40% to Seller.Buy back income of 8% annually from the purchase price of each property. 100% to Investor.Projected cash on cash returns is approximately 44% for the two-year period on a leveraged basis.Fast Money for Flips LLC has secured financing for qualified Investors for the package through Fast Money for Flips, LLC.

The seller's lender has a lien on the property and agrees to release said lien once it closes. 

In the meantime, they have a few thousand dollars of mine that they have not released nearly 3 months after I left AND, this property that I purchased from them last summer has issues that should be covered under warranty and now I am facing another $1k out of pocket to fix these issues.

@Chris Bingham We just today released a new feature called Cozy Express Payouts that significantly reduces ACH payment times.

Or, you could do an addendum to the  lease that releases them from the rest of the term of the lease and converts it to a month-to-month.

This means it is likely the 2nd lien and all other junior liens will become wiped, or essentially removed from the property upon completion of the foreclosure sale.Sometimes if the borrower is doing a deed in lieu with the 1st lien (essentially giving the property back to the lender without going through foreclosure), you can get a small fee from the 1st to release your junior lien.

Johnny, as the buyer in general you definitely need a lawyer, preferably one who mainly does real estate.And in this particular case you need one because s/he will probably be the one to contact the various agencies involved to get payoff numbers for releasing the liens (RI Housing, RI Division of Taxation, IRS, Providence tax collector).Of course, before you get an attorney involved you should probably try to get a rough idea of what the #s are for each of the liens, by talking to the seller, just to find out if the deal still makes sense.If you know how to do it, you should also do a preliminary title search yourself first to double check the #s the seller is giving you - though with the RI state lien, they unfortunately don't put the amount owed on the recorded document.You might also find other things that the seller forgot to mention, such as violations or executions or even other owners he forgot to mention (that would need to sign off on the sale and amount, if applicable).I hope that makes sense and is helpful - and of course welcome to Bigger Pockets :)

Anyway, the bank will record a release for the property, releasing the lien.

I can take title to property in just my name, but if sell/convey the property later and I’m still married, my spouse has to sign the deed, releasing his dower interest.

This locks up the property and a title company will not insure it until the action is resolved/released.