@Chris Brannon First of all, much of what you ask is state specific.The main point is that the parties (in this case the Seller, and you, the Buyer) can contractually agree to allow for assignment.You can also contractually agree as to whether or not the Seller's consent is needed for such an assignment.You can also contractually agree as to whether or not you (the Buyer) are relieved of all liability once it is assumed by the new Buyer (your assignee).My STRONG suggestion is that you hire a knowledgeable local lawyer to walk you through the first one of these you do.It might cost you a little bit of money, but it will save you a lot of headache and you'll hopefully get it done right the first time.Once you've done it correctly the first time, you will then have a template for your future transactions.

@Johnny Dang Be aware that taking out a loan in your personal name and then subsequently transferring the property to your LLC (without first obtaining lender consent) can often trigger any Due on Sale language that might be in your loan docs.

Our R/S reads this way: Non-Assignability: "This contract may not be assigned without the written consent of Buyer and Seller.

The best thing to do is to convert the CFD to a note and DOT, then you'll be in a lender's shoes buying the paper.Now, I read it as the buyer under the CFD wanted to sell, in which case you could buy sub-2 but you can not "assume" the obligation of the CFD without the holder's consent.

what are the pros and cons of holding rental properties under a revocable family trust with everything else in that trust?

A financing contract can not be assigned by a borrower without consent of the lender.

You'll be ready to rock when you turn 18 and will be able to legally transact without parental consent.

Particularly if its a second lien as the borrower could seek to strip or cram down the debt (reduce it without the owner's consent) as part of the BK process. 

He also recommended unanimous consent of meeting minutes at least annually.

You cannot just call the bank and ask for the balance due on a particular property without the written consent from the owner.