@Tiffany Milan I had 5 years of experience as an intern for a Real Estate Investor, but when I finally pulled the trigger, I was not 100% ready.

To buy the house, the holder of the Option must exercise that Option...which then triggers the third Contract...the Purchase Agreement.There is a much simpler way of accomplishing "rent credits" and "O.O.P. credits". 

Additionally, we didn't have trouble pulling the trigger, so to speak. 

After she/he moves out, follow your state guideline for deposit dispensation, the deadline of which is likly triggered by the latter of the tenant moving out or the lease ending date.  

Either the deed passes and your 1031 has to start at that moment, or a contract for deed is signed as he suggests and that too triggers the start of the 1031. 

I am just trying to educate myself as much as possible so when a good opportunity arrises, I can pull the trigger and feel confident.

Hey all,I am also about to pull the trigger in the Orlando area. 

Through these two events plus and enormous rabbit hole tumble into real estate advise books like the ones on this website (thanks again Brandon) along with an avalanche of YouTube videos and other business self help books like “The 4-Hour Work Week” I’ve developed the confidence and put in place the systems to help pull the trigger on my first two buy and hold rental property deals.

Now i got those two in line and I'm ready to pull the trigger.   

If you do buy the property personally and then transfer it to your LLC, that could trigger the due on sale clause found in most standard mortgages.