@Will Barnard which legal instrument do you suppose I form the agreement with?

We jumped at the idea because we saw this house (with a full basement) as a way to get all her musical instruments, drums included, out of our home!

As a note investor you purchase the note and security instrument and the payments come to you.  

BP has been instrumental in my investing journey and in my growth as a real estate agent! 

I can't say from first hand expreince but I was at a meet up in Chicago once and a few of the folks took the course and thought it was instrumental in them achieving their success'snow these were established business folks with quite a bit of capital to work with.. which I think most who realistically want to get into MFR realize they need.

I would think most board certified real estate attorneys would tell you don't use it.There are some differences as well in the instruments.....In Texas the deed goes in the name of the buyer with Deed of Trust...so they have the Deed in their name and the Deed of Trust outlines the terms of the mortgage and how they can loose the property.With contract for deed, the deed stays in the name of the seller and transfers when the contract is complete....ie mortgage is paid off.

The note would also be a financial instrument and not eligible for 1031 into another note.  

The various types of educational material Bigger Pockets offers has been instrumental building my knowledge. 

Steps needed to do follow in order to do this: You would have to close the loan in your name firstProvide the bank with a copy of the LLC documents so they can be reviewedOnce bank has reviewed and accepted them, you would have to have an Attorney draw up the assumption and release agreement and have it recordedThen you could have a new deed prepared and deed it into the LLC.Blog, GuidelinesThis falls under the exceptions:a limited liability company (LLC), provided that the mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, and the LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12-month occupancy requirement for a principal residence).

You have truly been instrumental in helping me analyze this deal and figure out solutions where I've needed to.