From 475.43:All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserve

One use for the universal/whole life I didn't see mentioned is the way I am using it in an irrevocable trust for estate planning.

I have excellent credit and experience, but my LLC is what owns everything and makes all the money and it funnels into an Irrevocable trust.

(LLC) This is not a standard purchase and sale of real estate.Receive irrevocable stock power for the holding company.You are now legally the owner of the complex.

They said: "Irrevocable funeral arrangement.

You should check with your attorney to see if there are any state regulations that may impact this and how to make the assignment irrevocable.  

Life insurance is held in an irrevocable life insurance trust in order to avoid estate taxes on the death benefit.

I believe that is a one time, irrevocable election if you choose it.Also, I agree it is hard to know sometimes which is best, but I know most flips will be rehabbed different from fix and hold, so you need to decide by the time you buy anyway.

If she has an estate problem, with taxes, an Irrevocable Charitable Remainder Trust might be an option and it can sell the property, other Trust arrangements can also be done, if she really needs a Trust, only a competent attorney can establish that, so you need to see one.Notes can also be assigned through the estate or by agreement in the note as co-beneficiaries.

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.Some of the cheerleaders have chimed in, but unless they know state laws in each state, obviously cannot give good advice.