It is important to understand as well, that just because an asset goes to sale does not mean it is sold to a third party buyer, which would create the payoffs for the lien holders in succession.  

Going through him means a small sacrifice on returns, far was a conscious decision on my part to build a relationship to see if he might be a vehicle to bring me third-party notes {he claims he deals with a small, but steady stream}.  

However, the original equity into the project will not be divided equally among the parties.

The hardest part will be trying to convince the other party that their existing condo is worth so much less than your remodeled one.

They have the incentive to say that things are good , sale price is reasonable and units are occupied all the time.This part is something you kind of have to research on your own.Rentometer, Rentjungle and craigslist are good source to find average rent around the area.  

A variation on this that's common around here is a duplex or triplex split with party wall agreements.

This sounds like a private party transaction, otherwise the delivery of the property occupied or not, should have been clearly stated in the documents.

@Michaela Graham in Indiana, at least every part I have lived in, the sewer are owned by the city, and the city has the ability to lien the property for unpaid sewer bills, and any other utility owned and supplied by the city.

Hey Kevin,Welcome to the BP party.

Realtors here are trained to believe that no one else can handle property besides a Realtor for the most part. I