In CA, you are legally required to have a CA LLC if you are "conducting business in CA".

The nuances in state regulations require an expert who understands how to expedite the process within the legal framework.

One question that you may not want to post here for legal reasons, is how much are you paying your PMC?

Legal Structure – Would this be structured as a leaseback or seller financing with safeguards?

Penalties of these Federal charges may include:30 years in prisonUp to $1 million in finesThey have a "statute of limitations" - (with a third "T"  ;-) of 10 years from the date of the transaction - 10 years from now, you could get a very nasty call and hopefully, you put your reserve money in a good account that grew to cover legal expenses**********************************************And the universe could blow up as Doc says in Back to the Future " But, granted, that's the worse case scenario." 

Quote from @Jason Malabute: Since the rental contract didn’t begin until January 1, 2025, the IRS would generally consider the property a rental property starting in 2025, not 2024.

A lot of forum members are experts in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, buy and hold investing, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.There are some pretty nice discounts on many products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/proIf you haven’t been to it already, the Bigger Pockets blog features links to their fantastic podcast and many great articles: https://www.biggerpockets.com/renewsblog/The site has quite a few tools that can be helpful for new members.

You can't sign a contract now - once both parties sign, it is executed.

for me  a handful since early 80s  now in those days I was ONLY buying land that had owner contracts on them. 

So, many landlords legally "bribe" these S8 tenants to move into these Neighborhoods/Properties with free appliances, TVs and internet.