We will begin legal proceeding on the 5th of the month if we still have not received payment.

It is not wrong to have money if you make it legally.

I'm not saying it's okay to be deceptive - I'm just saying there is no way for them to call a note due if there was no legal transfer of ownership.

That is how the guidelines for investment property loans are structured.

Good times.....Ha is that even legal?

You are asking for legal advice which cannot be given on the forum.Do you have a broker on your end representing you or an attorney??

There are some other details that come up in certain cases, but that guideline holds true for the vast majority of rentals.

In my current line of work(DirecTv), I am constantly fighting off the state trying to classify subcontractors as employees, the subsequent fines and taxes, and subs refusal to do proper work and follow the contract guidelines.

I cannot suggest a lawyer for you but setting up a legal entity is pretty simple.If you know what entity type you want, you can simply go to your states website and set it up.

No they arent really, and the appraisal is critical to all deals, single family to multi-family.Typically you wont get credit for the rents that are coming in on the new purchase to be counted to offset your debt ratio unless you can prove a 2 year history of managing rentals on your tax return, so you will have to be within debt ratio guidelines without counting that income.