A dollar amount and the phrase "for good and valuable consideration" may or may sufficient in a transfer of title and may not be the same as described or required in a purchase contract that conveys an equitable interest.Mixing these two concepts is incorrect.When a purchase contract is made, legal title remains with the seller, but equitable title is given to a buyer, full title is in  state of limbo until settlement.Equitable title must be financially measurable, if it is not measurable or cannot be established and is an amount customarily accepted, equitable title may be limited or may not exist.

You said your investors are friends and family so it's even more important to make it legal and official.

My preference is to determine whether the principal is aware of any such issues or just ignorant to the facts and make a decision about investing more time into a messy file. 

Is the studio a legal, permitted conversion?  

I'm looking to put together a legal purchase contract for a bulk deal in Ohio any suggestions on where to get one from?

Disclosure: Nothing in these forums should be taken as legal advice.

Good luck keeping everything legal, but that's my advise. 

I know there's a lot of grey areas for real estate agents when it comes to doing non-traditional real estate deals. My brokerage is very investor friendly so I have the green light to use every strategy out there. My ...

Is this even legal?

And include the legal description and parcel number of the lot as well.