In most states it gets flagged by something called Lis Pendens which is a legal document that the bank is sending to the borrower saying you haven't paid your mortgage and we are moving forward with the legal process to foreclose.

No good reason to leave tenants on an oral lease, but they are legally binding.

@Chris DeSisto I think you are confusing terms.....the “equi” in “equitable interest” has nothing to do with “equity”, as in the spread between debt and value....it’s a legal determination of “rights”, and would apply just as well to an upside down property.

If you aren’t familiar with what this is, it’s a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter.

I know some will scream that insurance will cover you, but not always...They can deny your claim and taking them to court over it may add to your problems if you lose and have legal expenses now to boot.

@Joseph Testa I don't see that being legal.  

@Scott SmithWhat are the legal/liability implications of deeding a property from a person to an LLC? 

After all, we hire lawyers when we need legal advice, doctors for physical issues and accountants for taxes.

Not to mention most sellers aren't going to give you unfettered access to walk every unit on a property and examine all major mechanicals before you have an executed contract.I'd recommend reading https://www.amazon.com/Complete-Buying-Selling-Apa...

You absolutely want title insurance and you want to use Your title co to issue it, not the selling lender’s.A number of things can pop up....some heir from the past had their signature forged, the foreclosing bank missed something in their foreclosure, some legal description error occurred somewhere, etc.