The problem is you're still legally obligated to pay that debt if she doesn't, regardless of what your relative told you in her text messages. 

How about outside contract services, legal fees, permit fees etc?

Another option is to look at the forms available at Wisconsin Legal Blank. 

I definitely understand your point Ann thank you...my fear was not the actual speaking with people but the fact that, like I mentioned for example, I've never had to fill out a p/s agreement and all the legality of it all...Ive recently sent out requests from some local investors in my area for guidance to point me in the right direction.

Any permits necessary?

Understand the legal proceedings to complete the foreclosure. 

I would suggest the best way to go about this is to have the feasibility/zoning study done first (which sounds like this is what you're thinking too), then get pricing for full permit drawings and the construction from a design/build firm.

Congrats on getting this deal Harsh.First things first, you should be talking to your attorney and your CPA for legal and tax advise on how to best structure your deal according to what you agree with your partners.That being said, the structure of a deal can take many different shapes and forms and it will vary according to the type of involvement the partners will have in the deal.Are you in charge of putting together the deal, securing debt, managing the operations?

@Daniel DietzPerhaps you can have Frank put the 300k down and take out a 300k loan to purchase the property and then shortly thereafter cashout refinance it  at 75%ltv (450k).This would allow you to return 150k to Frank.By structuring the transaction this way, Frank will have access to the cash he wants while enabling him to defer taxes on the whole 300k.I believe this would be a permitted transaction but I'm not an expert on 1031 so you should definitely double check with @Dave Foster.

Non-permitted sun room done incorrectly.