I am wondering how I should handle the contracts/payments between SMLLC and ME (who own the lot) for the build.

It's always great to see new faces getting into the mix, especially with your background in contracting – that’s a huge plus when it comes to investing.

The best answer I found was looking at it from a tax and legal perspective.

You should have the contract modified laying out all that you want the seller to take care of due to the inspection. 

You need to consult your local laws to see what the legal amount of time is and decide for yourself if that's "reasonable."

Common expenses include:- Attorney Fees: Legal assistance for reviewing contracts and ensuring compliance can vary based on the complexity of your deal.- Title Insurance: Protects against potential disputes over property ownership.- Appraisal Fees: Necessary to determine the property’s market value.- Closing Costs: This can include various fees related to finalizing the loan, such as recording fees and settlement costs.Inspection Fees: If required, this ensures the property is in good condition before purchase.It’s a good idea to discuss these potential costs with your lender upfront to get a clearer picture of what to expect.

The primary reason why people form a company is to limit their legal liability from lawsuits.

If not, there could be numerous chains of the contract which can convolute things.

Legal or otherwise.

I was hoping that someone could help me with some legal advice on a property located in Crossett Arkansas.