Its a quick and easy addendum to prepare. 

I sell insurance and prepare income tax returns but I am not an attorney and don't play one on television or radio.The Illinois Legislature has a law either pending or just passed that will GUT LLC protection.

Quote from @Dan Grove: Hi friends,I'm starting to build a portfolio of long term rentals using creative finance. 

However if you have no credit history in the US, be prepared to put at least 30-35% down at a higher rate. 

We both knew we were aligned in our goals and had a clear understanding of our respective roles in the deal from the outset.If seller financing is part of the equation, look for someone who’s not only experienced with creative financing but also understands how to manage the potential risks involved.

I see a disservice being provided in the given example by the real estate agent by not bringing creative strategies on both the sellers and buyers position on this particular deal.

Because, the lender is entitled to know what risk they are taking with their money.That being said, on seller financing, if someone gets sued and loses, the lien/judgement can be filed at the county, (it's not automatic, someone has to prepare and send the paperwork) which the bureaus will pick it up on producing a credit report.

Prepare for the inevitable, because bad things will happen.

That probably in most cases for me, will result in a delay between the time you call and the time we can prepare that document, get it to you to review and sign, and then schedule a showing. 

Run realistic numbers and be prepared for the worst.