What if both parties bring funding to the table, how are you splitting the profits at that point?

It's just the getting started part I need help on.

The balance on the condo books would have been accumulating while only a years worth of maintenance would be collectable from the bank, but from a non-bank party, I believe they would have to pay all of the association fees that were in arrears.

Once you have a property under contract, depending on the contract type,  you can assign the rights to the contract to a 3rd party.  

I see your points.One of the things you might be running into is that the IRS's budget was slashed dramatically after the whole Tea Party/Non Profit debacle a few years back.  

You don't have legal title, and push come to shove in order to win standing you'll be paying some bucks to an attorney...thoughts on that?

I believe in Indiana, you have to give notice to all known parties who have an interest in the property.

If the residence you sold is a condo wouldn't the owner's association by the responsible party for termite damage to the structure?

I was standing in front of a property after work, about 7pm on a Friday.

So my question is, how do you purchase a property if there are more than two parties involved for an investment?