I've heard about paperwork you can file for abandonment and later sell it as scrap.

There are existing tenants but no lease (no paperwork) and the rents are lower than market.

The problems with fractional ownership and paperwork are replaced with increased fees to the investor.I've also experienced 2 foreclosures on investments through the CF sites, along with a handful of deals that had other challenges (all capital and interest paid, but late payments, going beyond the term, etc).

He still have not offered any paperwork or anything.  

If your friends are serious about investing with you, I would get all the paperwork put together, figure out how you are going to structure the business entity and open a bank account with the funds ready to go.

Due diligence, inspections, financing, extension periods, renegotiating base on new information you discover, etc.this will lock up the property for you and the seller will need to get you the financials and any other inspections/paperwork you may need or that they may have (ie: lead base paint, phase 1, any ongoing warranties or contracts etc) As you get more and more info you can then adjust your offer price.For example you always plan for vacancyAlso, What was  the seller basing gross income upon.

Being a CPA will help you with the paperwork side of the business. 

I am not sure about the legal side of that, so I would recommend getting with an attorney and putting the paperwork together.Good luck!

Until a few days later when they didn't get their paperwork in right away and lost the contract and I got a very unexpected email a few days later saying my offer was accepted.

- Anythign I should pay attention to in the paperwork that comes form the title co.?