As long as its rational and both parties are level headed im sure you will figure it out. 

An LLC is useful for two things: anonymity and legal protection.

The seller has the two lots legally separated, but due to deed restriction imposed by the subdivision development, found that building a house on the “tennis court” lot was not allowable. 

Also, IF the tenant were to break the lease - I keep thinking that a company that owns 50-60 restaurants - has more experience in breaking leases, than I have in enforcing them and I fear I'd be outgunned legally - versus rental homes, i't just me and one tenant - a fair fight if you will.I've told myself that on an NNN QSR - I'm better off accepting slightly lower cap-rate, BUT. - having a location that has immediate neighboring QSRs and some retail - my guess being that should my NNN decide not to renew - maybe I'd have easier time getting a new tenant as it seems many QSRs want to be in proximity of others.  

They didn’t and according to him, that gives me the right to pursue the previous owner legally.

Quote from @Max Pergament: Quote from @Matthew Irish-Jones:Licensed and insured to manage third-party properties. 

Legal Structure – Would this be structured as a leaseback or seller financing with safeguards?

Some lenders specialize in this area.Legal and Tax Implications: Consult with a real estate attorney and tax professional to understand the legal and tax implications of owning an STR in a different state.I'm happy to answer any specific questions you have about my experience.

Registration fees $800+ SOI $50 fees California and legal stuff-keeping it simple-easier to refinance a SFR if decide to just BRR and cash out refi in my personal name versus trying to get loan in LLC name. 

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