Since there was no death, there is nothing to declare to the next tenant. 

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

If you going to do a lease option assignments in California I would have a re sales license and work with the broker and have myself declare to the seller that I am acting as a principal and not as an agentDepartment of real estate want you to have a license if you're talking to Sellars about selling their home with seller financing which includes lease options and wraps  AITDsWe can't really do too much except marketing if you don't have a license even if you have a realtor as part of your OC.

My proposal is to assume the mortgage and offer her a note for the balance (10yr interest-only, 30-year amortizing), and I would be looking to refi the original mortgage at some point in the not-too-distant future once I have fixed the issues with the property.My questions are:Will my future lender learn the terms of the seller-financed mortgage by my declaring it on the loan application, or do they have some independent way to learn of its existence and its terms?

@Vann CalhouneGangsters with muscle behind them make money in D'class single family.

Hello,I have sold a property in Schaumburg last year on an 'Articles of Agreement for Deed'.The tenant buyer was always late on his payments since we got in this contract and he has not paid last 2 months (Jan-Feb) mortgage yet.I have already sent him a 30 days notice for 'Declaration of Forfeiture' but he failed to bring the account current.

It all depends on what you asked for in resolution, and what the courts final declaration were.

I declare the money on my personal taxes..take deductions...and use the profit to pay my current mortgage.But what if I started an LLC...had my tenants pay that LLC...then took deductions and instead of paying personal taxes and paying my personal mortgage...I instead used the cash flow to pay the mortgage on an investment property.Can I do that thru a one owner LLC?

I did leave that employer before the loan was paid off and I did need to pay it down in full within 30 days or risk having it declared a distribution, subject to 10% penalty, etc.  

city county state regulators generally don't enforce deed restrictions.its up to the community were the restrictions are placed.. if its just one parcel with the restrictions.. you as declarant would have the right to defend thembut no one else if they are not subject to the same deed restrictions.it goes both ways.you look at CCRs from the turn of the century up until about the 50s  and there are all sorts of un enforceable things.having to do with Race religion  Chickens Pigs other live stock..