If you personally guarantee the note, if you manage the property, if you had anything to do with the rehab,,your tied to it even if you hold the property in a corporate structure 10 entities downline from you.There is NO getting away from personal liability IF you manage the property, are responsible for the property and its upkeep, or your personal name is tied to the note in anyway.Go talk to a lawyer that you trust, ask them how to keep all liability from your personal name,,they will probable tell you to not invest in real estate, even silent partners can at times be brought into lawsuits.If you have a $5 Million umbrella policy you shouldn't have a problem unless you leave a leaky gas line unfixed after you were notified and someone is killed,,then bankruptcy is the least of your problems.

To get this done, I know that my lawyer and bankers worked their butts off to get the deal closed and I want to thank them appropriately, so they continue to help me in the future.At a minimum, I am going to send these people a thank you card, but I also want to send a small gift to show how much I appreciate their efforts.  

He has a daughter that is a lawyer and would not accept a quit claim deed and wants a General warranty deed.

@Alison Miller Some people really need to think about it, have their lawyer review the contact, or call around to get other offers (this gives the seller a sense of comfort when they see all offers are around what you are offering).

The results will be legally drawn up agreements for your use.Please do not rely on legal advice from anyone other than a lawyer you hire.

See http://fightfraud.nv.gov/ForeclosureScamsNew.htm http://www.fbi.gov/about-us/investigate/white_collar/mortgage-fraud/mortgage_fraud http://fightfraud.nv.gov/ForeclosureScams_Common_new.htm My advice is to see a lawyer involved with fraud - criminal defense and get disclaimers on all paperwork and websites.

Very common any real estate lawyer can do it fairly inexpensively.

Did you do it all yourself since it was by right or did you invest in a RE lawyer? 

I have called my lawyer and he said we have to wait until we receive something from him in writing.

(PS Not a lawyer myself)