Any pitfalls or major concerns you can share would be extremely valuable.Lastly, the broker is recommending a minimum cash on hand amount of $150,000.

They can help you navigate the waters and avoid the common pitfalls.

I wanted to see if anyone has experience with this and some of the pitfalls to avoid. 

The LLC allows the previous homeowner to live in the home for a few months for a credit against the final sale.What problems or pitfalls do you see in this scenario?

What problems or pitfalls do you see in this scenario?

I'm assuming there are other pitfalls I should be looking for here?  

However the opportunity to affiliate with a brokerage and learn from successful agents will teach you a LOT about negotiating deals, avoiding pitfalls, etc.

The sellers are a couple's kids who inherited it last year after the father's death and the realtor specifically said "cash only" due to known defects and hasn't responded to my request of what those defects are nor to set up a tour. so I'd probably be looking at a hard money loan and I've been doing my research and learning about the pitfalls and such. 

@Kyle Shankin so here's a common pitfall with my fellow CPAs, they're book and number smart but not business savvy.

However, I also want to throw out the potential pitfalls of lack of reserves, finding someone to refi out your purchase, and the reality of not needing more than just the 16k purchase.A better option is to find someone to partner with who can provide the funds and cut them a piece.