Secondly, after going through this, I'm beginning to think that a more formal transfer would be more prudent than simply making out a quit-claim deed and having the mortgage show up on the books of the LLC.

Here are some things to consider:More tourists flow through Gatlinburg than either Pigeon Forge, Wears Valley, and Sevierville.Based on a slightly less than formal analysis of AirBnB and VRBO (which is "king" in that area), cabin utilization in the Gatlinburg area is higher than the Pigeon Forge and Sevierville.

This will involve a GC, formal SOW, a proper schedule and a little labor from me.

They aren't going to take your word for it and most likely will believe you are PUFFING the numbers.Quoting retail rehab prices versus what it will actually cost you to do the repairs.In Marc's scenario that is very different getting paid in 6 months versus 7 years.If you can get to price and terms in an informal way then go to the expense of making it formal and legal in writing.

I do plan on sending them a formal letter and letting them know about the formal renovations which we plan as suggested by @Jennifer B.. 

You can do this formally or informally.

My very first formal offer to him was for $112k.

Raymond, the filing fee for an LLC is $150 if you mail it with a check or $156 if you do it online; see Articles of Organization available at http://www.sos.ri.gov/doc_lib/search/rilimitedliab...HOWEVER, besides just forming the LLC there are other documents that should be involved beyond the Secretary of State articles of organization, such as an operating agreement (critical in the case of a multi-member LLC but still important even for a single member), some kind of LLC resolution(s) regarding the formation activities, additional docs if you reside out of state, etc.There are also ongoing filing requirements (which believe it or not, a lot of people forget) and entity formalities (such as annual meetings, special meetings for major LLC activities/decisions, etc.), special ways you should be signing documents when transacting business in the name of the LLC, etc.This is why I'd strongly recommend involving an attorney in the process, especially one with experience in tax matters.I'd estimate that an attorney might charge you $1000 (could be less, could be a little more) but if this is your first entity, I think it would be well worth it for someone to guide you through the process and make sure you don't do things to endanger the entity protection right from the get-go.Also in terms of other costs you should estimate at least $500 yearly for the tax return for the entity, there's a $450/year minimum corporate tax (which I believe applies to all corps, S- or C-) and an annual report filing fee with Secretary of State which might be $50 (check their website).In terms of other states, I would strongly recommend setting up an entity in the state you're actually going to be doing the business activities in, though again that's a conversation to have with an attorney (which I am not).

That comes from more of a gut call than any formal risk assessment.HMLs generally deal in a narrow loan classification, commercial, rehab, construction, transactional funding or bridge loans for investor borrowers.

Can someone please send me info. on this company and  inform me as to where  I put a formal complaint against this company.