Hello, I was about a week and a half out from closing on a great deal in Salem MA and just found out that the seller has a ~$95k judgement sitting in 2nd position on the deed along with a ~$2k water and sewer lien.

My question is, (and before the scolding comes from doing business w/ friends), if his name is on the loan, and we are not forming a legal entity, would the easiest way to go about this be putting both of our names on title?

I just toss them because I feel on the receiving side if you cant take 5 minutes to send me a half way decent lettter I do not want to do business with you.

it was maybe a half page with a bunch of confusing here as there in forth wording

Based on what I read, half the articles say a flip doesn't qualify for capital gains, while the other half says " well you kind of do".

You allocate that based on square footage, so if all three units are the same size each gets one third of the cost basis, but if the main house is the size of the other two units combined then it'd be half to the main house and a quarter to each smaller unit.

Due to poor budgeting, I spend about half and keep half (I could definitely save more).

With used appliances the cost drop by more than half.

In addition to the strategies mentioned above there is also another method, which as an out of state investor I have come to favor for my buy and hold strategy in the last year and half.  

With trying to rent over the winter when tenant quality is worse, I caught about half applicants lying on their applications, ridiculous.