We don’t know the exact terms of your contract regarding the financing contingency, they vary.

You will want a CPA to do some tax planning with you to make sure you are set up optimally for your situation from the start, and you will want to work with an attorney to talk to every contingency and have it addressed in an operating agreement. 

Would you say then that the REI would go ahead and sign a lease option agreement, which is contingent upon finding a tenant buyer within the next 30-60 days, and the seller can continue to market their house in the meantime Iwith the REI as an exclusion if the house is listed)?

The way to make it legal is for the person to pay you for each lead (such as 10.00 per lead) and not make your payment based on the outcome of the situation.To clarify my previous post I agree with Primo_Coach that you should receive payment for the lead and not have payment contingent on a closing.

The best part is that lawyers don't take cases on a contingency basis unless they can not only win, but more importantly collect.In El Paso County, you can do a search on public records for a LLC.

If the numbers work and you know that it's a good deal after analyzing it, you can always lock it up under contract with some contingencies, and a good amount of time to back out (I usually give myself 15 days).

Will an offer contingent on inspection and loan approval is something we can do?

What contingency did you use to back out when your buyer backed out?

Well, evidently the ability to put a billboard up is very contingent on the city code of ordinances.

Plus the bank will not accept a contingency offer for us to sell our house first, and the house is being sold “As-is”, which I am familiar with “As-is” and have no problem with that.