1st Deal Help/Questions - Buying multifamily in Land Trust

[Ray Konboz]

Hello everybody, 

I have a few questions that I'm hoping you guys can help me out with :)

I'm out of attorney's review on a 4plex (which is my first deal!) and I'm buying it in a land trust. The seller is going to be holding the financing for me for 30 years with a 10 year balloon. I debated putting my LLC as the trustee but since it's a single member LLC I figured that might be a bad idea. What do you guys think? Here are the other questions I have:

- Since I'm going to be the beneficiary of this trust, is it a problem if I signed the P&S contract in my name? Is that something that should be done by the Trustee?

- Since the deed will be in the land trusts name, should I be buying insurance for this house under the land trust name too? 

- Since I will be personally guaranteeing the debt, does this void the privacy of the trust?

- What should I not sign at closing with my own name? Does the Trustee sign all the papers at closing?

That's all got for now, I'm sure there will be more haha. If it helps at all, this house is in Passaic County, New Jersey.

Thanks in advance everybody!