A couple of previous buyers' financing fell through, and the owner is just tired of paying taxes on the property.I am going to get a third party estimate on repair and definitely get osmeone to check for mold/termites etc.

I have finally gotten a hold of most of the parties involved so it looks like it might move forward.

why don't you keep the pool, that way you can invite some girls over and have a pool party!

The only time I didn't escrow the HOA (stupid on my part) I ended up foreclosing.

You may have another party moving in and having to clean or have a maid in to clean in one day and wow...no water.

Before you warn me of the pitfalls of investing with friends, please know that we have thought carefully about this and understand what we are possibly walking into.That being said, here is the situation: there are four parties involved, and together, have about $300,000 for a down payment.

If it's not enough then find you a new third party lender who does seconds, to put in the rest.

By doing as much research as I can and surrounding myself with excellent resources (this part is complete!)

I am well versed in land trust type transactions and not sure what you mean by how lenders look at the sellers in this deal.First off if you look at the Garn St Germain Act of 1982 under section 8a you will find a lender can not call a loan due by way of a seller vesting his title into an inter-vivos trust as long as the settlor remains a beneficiary and there is not tranfer of occupany or leasehold interest so that did not change and been the same.I personally love using trusts due to the protection it provides all parties as beneficiaries in the trust.

As a rehabber the hardest part is finding the deal.