I have heard some people doing it for 7 years, which one is correct?  

I went to several of the LIOS webinars including that one (those were the highly desirable cucumbers deal where you bought the greenhouse and they held the land correct?).  

Inspections can also cause delays, especially if unexpected issues arise that need to be corrected before moving forward.

Am I reading that correctly?

A few good ones to consider are: an oil tank sweep if the property was built before 1980, a radon test, particularly for basement condos or units, a mold test, a sewer scope, and a termite or pest inspection.General home inspectors often offer some of these as add-on's, but keep in mind that they might not be as thorough as a specialist.Dominic, you are so correct, you know, most home inspectors or realtors for that much are not specialist in everything we’re in the business and know stuff and we make suggestions to our clients.

You probably don't NEED a CPA or lawyer for help getting an LLC, but if it's your first time the extra money to know it was done correctly probably doesn't hurt if you can spare it.

(I hope I am asking this question correctly).Any feedback or recommendations are greatly appreciated!

If everything is done correctly, you will have no taxable income.

This is one of those situations where it is best to say, you would be foolish not to hire a CPA to give you correct advice with 100% view of your entire portfolio.  

Short a court order, the lender is absolutely correct.