Unless you are getting a bank loan and are willing to accept higher interest rates and balloon payoffs, buying within an LLC is not a clear-cut decision.An LLC can be created very quickly and should costs under $1K, but you need to know there will be costs and time to maintain that LLC every year.  

Pierce that corporate veil like a water balloon.

Quote from @Christopher Robert Noland: Say I can get an owner finance on a 99k house for 5 years with a balloon payment. $2500 down. 

Tenant estoppel letters should be used in the sale or purchase of any tenant-occupied real estate, whether residential or commercial. 

I am getting a 5% interest rate, 30 year amortization with no balloon, no prepayment penalty.I am deciding the best way to fund the rehab. 

Inspection Costs - $400 Lender Fees - $1,000 Closing Costs - $2,000 Mortgage Payments - $2,500 Property Taxes - $600 Utilities - $1,000 Insurance - $200 Commissions - $4,000 Selling Closing Costs - $4,000 Home Warranty - $500 Termite Letter - $100 MLS Fees - $100 

You need a proof of funds or a pre-approval to go with any offer so if it's hard money, they will issue a letter.

We can fold 500 letters in about 10 minutes. 

I left numerous contact me letters to speak to the owner to discuss options and potentially cash for keys.

Maybe a 7 year balloon payment and maybe a 3,2,1 prepayment penalty of something.