Be very clear that they must transfer the deposit along with a complete set of tenant records (application, lease, payment ledger, etc.). 

As we sell through these items should we create a bank account with the llc to "season" the capital for when we are ready to reach out to a lender when we are ready to make our first investment?  

It's important to have your attorney review the title commitment, as I've seen "wholesaler-friendly" title companies include various items in the title exceptions that could cause problems later on. 

Once the option period is up, cancellation would only be for items specifically named as contingencies, such as financing.   

It was heartbreaking when we’d send them leases showing rent was $550 from their POS rental after they were under the impression and “getting” $850 month from the “freshly renovated” rental from ocean pointe.

My first tenants were paying ~1,600/month and current leases are climbing towards $3,000 a unit.

This allows you to make an offer without a HI contingency which is much more competitive than one with the contingency since you are buying the property as is.You can still get the home inspection after you settle to capture all of the detail items.

It is now a negotiable item.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

Typically, the owner is the only one that can sign a lease as they are the owner of the property.