@Daniel M Gibson sticking to fundamentals and your "gut" is always the best course.Unlike 99% of the investors on this site, my take is that investing for cash flow is a bad idea...it creates a jaundiced view of how things work...meaning that investing is about controlling assets as wisely as possible...not immediate cash flow.I use seller carried loans routinely because I'm in for the long haul (and I don't need rental income to survive)...as long as the purchase price makes sense, I could care less about income...the concept is debt paydown and future equity.

@Allyson Edwards Welcome!

I like the concept in general, but there are lots of nuances.

First, your Plan isn't a plan...it's a concept...kind of. 

@Brandon Sturgill this is a very interesting concept that makes a lot of sense to me.

I just learned a little about the concept of Self-Directed IRA's from our local Meetup last month.

I mean I hate the concept of gentrification being a musician myself but hey, its not going anywhere so might as well play along.  

You better put this in place before you get in trouble and get sued, after...no point in closing the barn doors after the horses escaped.An LLC is a legal concept, with no tax advantage - you can have it treated as a disregarded entity for tax purposes, or a S-corp or C-corp (but you don't want to hold real estate in an S-corp or C-corp).If available to you, you should look into Series-LLC for the asset holding entity.

I understand all the concepts, but I feel like that would not be smart trying to do that on my first deal.

Most likely candidate would be a second location restaurant or a new concept from an already successful restaurateur.