It can be very beneficial for real estate investors.

For extra formality, put it on a nice document with your letterhead.Re: Non-Binding Letter of Intent to Purchase Real Property Located at [Property Address]Dear [Recipient's Name]:This non-binding Letter of Intent ("LOI") is submitted by [Your Name] (the "Buyer") to [Recipient's Name] (the "Seller") with the intention of setting forth certain preliminary terms and conditions for the proposed acquisition of the real property located at [Property Address], inclusive of all improvements, appurtenances, and fixtures thereon (the "Property").Purchase PriceThe Buyer hereby proposes to purchase the Property for a total consideration of $[Amount] (the "Purchase Price"), which shall be subject to adjustment based on the results of the due diligence investigations and final negotiations.Earnest Money DepositContingent upon the execution of a definitive Purchase and Sale Agreement (the "PSA"), the Buyer shall deposit earnest money in the amount of $[Amount] (the "Earnest Money") into an escrow account designated by the mutual agreement of the parties.

The info and replies are very beneficial

Depending on the amount that is offset it could be beneficial even if the property has a low cash flow. 

an LLC / Partnership and syndication are not mutually exclusive.You can have an LLC that is a syndication.You can also have an LLC that is not a syndication.Are you engaging with the accountant / attorney on a paid consultation or a free consultation?

Just call around and get some quotes.I started with Liberty Mutual for all of mine once upon a time. 

I have ran credit checks/ background checks and we have a very close mutual friend.

Ask em, if they did there stocks, bonds, mutual funds like good lil sheeple?

Hey @Dave Foster, as someone who plans on selling on a 1031 exchange in the next 12 months, I have a question:  in the scenario for the buyer you outlined above, it doesn't seem particularly beneficial to the seller, because if they keep the note outside the exchange they're paying taxes on a boot that they wouldn't have if they got a different buyer who could meet their price, or they're having to replace with outside cash the note inside the exchange.If I were the seller (and like I said, I will be in the next 12 months) I wouldn't like either of those outcomes. 

Being able to see it, feel it, touch it, and drive to it in a dire situation can be very beneficial.