You definitely want a legal agreement that's forecloseable, getting as much front money as possible so that you're not just in a lurch with nothing if/when they default, and you should get better interest terms for "being the bank" AND I would qualify the buyer just the same as if they had to go to a bank, because you want to know who your partner is in this deal.

Title company issues check to seller.

This plays into the affordability issues for tenants by allowing them to live in nicer neighborhoods for less money, yet I get monthly revenue comparable to short-term rentals.

I only ask because the main purpose of an LLC is legal protection, and if you don't have a large amount of assets to protect, say less than $1M...you may be putting the cart before the house, and it may make more sense for you to focus more on finding and closing more deals.

Just curious if you can sell the lot after approval by the city and recorded with the county or do you have to wait for APN's to be issued? 

One thing my wife and Iearned doing this was the noise from projects can be an issue. 

If using a lender this is a non issue.

The issue is always how to find deals which is marketing and sales.

Everything would be in your name and he would be at risk possibly even with a legal agreement.  

I have already had the pleasure of speaking with a few of you from Atlantic Canada here on bigger pockets. perhaps we can use this thread or create one to help with current issues problems or solutions to issues and challenges we face thoughts?