If you occupy the property, then you can get in using a FHA loan with 3.5% down (depends on the condition of the property).If you go the FHA route, then it isn't so bad to settle for numbers that don't meet your initial standards.

She may not have the money today but the next time she wants a new phone, car, credit card - you'll be in the way of her getting anything until she settles with you.  

In a former life I was involved representing a client where IRS was arguing that even if the transfer was legally correct the taxpayer had effective control so it was considered related party transaction, that case settled in appeals before going to tax court, but I remember the case law definitely leaned toward IRS.  

You might consider increasing your life insurance coverage to account for the mortgage, so your estate is net positive, and so your executor can make the mortgage payments while your estate is settled. 

When you go to settle the property, the HOA is going to come after you for the Condo fees that it was not paid during the foreclosure process.

I wanted my first home to be a house-hacking duplex, and that is exactly what my girlfriend and I settled on.How did you find this deal and how did you negotiate it?

You're already 15 days late per FL tenant law, so to avoid further legal liability, send the check for the full amount with both names on it to the "primary" resident and let them settle their matter between themselves.

But in any case too many deals are out there to settle for a loss maker.

Use a "skinny contract offer" a one page offer - easy to understand and explainHave full disclosures - let sellers know what to expect and that you are in this deal to make a reasonable profit - honesty  is the best way to negotiate.Use a Hybrid offer - make the seller your partnerHave only one contingency in the offer - make it clearAlways get right of possession or right of entry - you need to get it shown in order to get it sold to an assigneeAlways get rights of marketing - always ask seller for contribution to marketingAlways get automatic extension build into your offer - you never want to run out of time to settle or assignAlways have rights of delayed settlement - use special clauses to accomplish thisMake sure your title company is aware of your transaction and who gets paid what and whenDon't fall for those selling BS courses on how to wholesale and flip properties - most of them don't know what they are talking about and only want a seminar fee from youIs it legal YES - if you do it right - BUT it you act like an agent - regardless of your intentions in an assignment transaction and you are not a licensee - you could be in deep trouble.Understand agents and brokers hate you and will do anything to hurt your business. 

Starting to scale with my partner and we are looking to settle into very detailed terms of who does what, and what the money breakout is when starting a project and upon completion.VERY INTERESTED to hear how all of you guys divvy it up with your partners.Background on me and my partner:I am an agent, and my responsibility is finding the property (so far just MLS but now bidding on sheriff sale), I determine if a property is a viable rental and at what price point we would need to acquire, also if converting a property into a MFH is doable based on zoning, and determine rent and overall profitability of a project.