Cost to wait is maybe save couple grand on zoning attorney but could potentially make that up by earning some rent earlier (vs. unused space). 

Seller should record their lien against the property, you both should have an attorney review to make sure all interests are property documented and protected, and i think everyone is in a good place. as far as evicting tenants... this is up to what you and the seller can negotiate. i would still be putting on the same contingencies - appraisal, inspection... know what you're buying. don't get blinded by the seller-finance piece. 

Good post.We use a competent SEC attorney that creates all our docs and does the state filings. 

You got some solid advice above check with your lender and get in contact with an attorney like @Bob Floss II who can help setup the OA.Assuming there is no pushback from your lender, you should be able to do a quit claim deed to retitle. 

*This post does not create an attorney-client or CPA-client relationship. 

@Jay StraderI'm wondering the same thing - I had an attorney review the contract & basically all it said was invest at your own risk.

I'll work with an attorney to assist with drafting that.Q2: Yes, I'll talk to my CPA but we'll most likely hold the property for at least 1 year under the LLC given our timeline to design, permit, build and sell the property, meaning I should avoid short-term capital gains.  

We sold to an attorney who provided a retail-cash offer and quick close, relocating to the area.

I'm not an attorney though - you know the drill.Regardless, consider contacting your insurance company and letting them sort it out with the neighbor's insurance company.

I am getting an attorney and will sue them for whatever I can get away with.