You may even want to have a local attorney look it over to be sure.  

Dustin, I would suggest consulting with an attorney to determine if this is legal in your state.

Whatever opinions you get from people here- if you consider moving forward have a knowledgeable attorney review the ppm to understand the good and bad

If you can't get the residents out that are not paying, then nothing will help.I would hire an attorney that deals strictly with evictions and start issuing eviction notices to anyone who has broken the laws of their lease.

Our attorney told us the average judge doens't have the time to research all laws and will just go with the flow and award deposits to the tenant.Better off calling it a nonrefundable Holding/Reservation FEE:)- Fees are understood to be nonrefundable.

At what point in the journey of finalizing your market, and offering a deal would you begin to engage an attorney?

As you can imagine, we already have an attorney who specializes in real estate and an accountant who is well-versed in rental property accounting best practices (but she admits she doesn't have a lot of experience on the private lending side of the business). 

An attorney whom I am working with has informed me that he "cannot facilitate a seller-finance transaction that does not convey the property by deed at closing."   

It’s one reason why many large developers, who can hire the best lawyers in the world, often work with local attorneys.

I’ve heard attorneys who specialize in self directed retirement accounts say you can put the lease agreement together and even show the property to prospective tenants andof course you could manage it.