So the seller is free to let go of the deal but still has legal recourse if they lost money because the buyer didn’t hold up their end.In short: the lawyer’s saying “make sure the cancellation paperwork kills the old contract cleanly, protects both sides from future claims, but still leaves the seller the right to go after the buyer if they defaulted.”

For attorneys experienced with distressed property deals:We often source properties where the owner is deceased, and the estate has not yet fully gone through probate or has been neglected.What is the best legal path for an investor to take to secure this property?

The repairs will be extensive (more than a month, minimum) and will make it impossible for the tenant to remain in the unit while work is being completed.

Without knowing your entire financial picture it is impossible to answer. 

It took him 5+ weeks, he was consistently rude, yelled at us, called us “cheap”, and now he’s threatening legal action over $200 even though he still hasn’t sent any receipts for the extra charges we never agreed to.

I reached the lease signing stage with potential tenants, but we hit a snag regarding the three-vehicle restriction.
They own a construction company and currently keep all their vehicles at home. This amounts to six ...

Thanks for following my discussions and adding your perspective.I understand the legal cautions—I’ve reviewed them with my own attorneys and I always recommend everyone get proper legal and title guidance.

Cash flow is next to impossible right now in DFW.

It’s one of those things you don’t think about when everything's going great in the relationship, but when it falls apart, all the legal blind spots show up real quick.Honestly, this is why I always tell friends (especially younger ones) to treat real estate like a business, no matter how in love they are.

@Nicole PierIt is legal to transfer a lot from personal ownership to a C corporation via quitclaim deed and then sell it, but the IRS generally treats the transfer as a taxable event under IRC §1001 at fair market value (FMV).