I simply take a picture, text it to the tenant and they add the payment to their next month’s rent payment.

Effective December 1, 2024, ownership of the property has been transferred from Michael Anderson to Electric Sage Brush, a limited liability company.All terms and conditions of this lease agreement remain in full effect, and all payments, notices, and correspondence should henceforth be directed to Electric Sage Brush LLC at the following address:2001 Space Odyssey Dr, Cody, WY 82414This change in ownership does not affect the tenant’s rights or obligations under the lease agreement.All parties sign to confirm the change.

Mortgage payment with 25% down is $1,011. 

When we get farther into this process, I will absolutely ask to see all the leases and proof of payment history for the current tenants. 

The most obvious example is when a borrower misses a payment, or two, or three.  

They will normally have some pre-payment penalties in the first couple of years but if you are keeping long terms that's not an issue. 

Even if you fail the first time (pretty much every inspection I've had the person finds something to flag) they don't cut off payment until they have come back out a second time.

This sounds like a great strategy to me since this would substantially lower my down payment in a deal.

What are the pros and cons of using a Land Trust versus an LLC for investment properties?

@Ramada Evans- 1) if buying as a rental and  financing it - your down payment will need to be a min of  15% of the  purchase price   ( so thats either  30,750 at 205K price or 32,850 at the 219K price ...so  not much of a down payment  difference   2) if it appears that there isnt much competition  or interest in theproperty - the lower price might be OK   3)  you might also consider   asking the seller for a seller  credit you can use towards some of your loan costs   4) get pre approved  if you arent already pre approved