If you're looking for 30 year fixed rate financing you will have to do that in your own name and will likely need 20% down.Creating the LLC is just a distraction.

You should be pleased they trust you and you have time to inspect without the distraction of some one telling you what your looking at.

I don't imagine many people want to have a shadow, I know that is the sort of thing that really distracts me.

:)On behalf of the contractor who's doing the deal, presuming he's seasoned, serious, dedicated, and driven: Hey all you advice givers, the very LAST thing this contractor and for that matter any of us hands on flippers want/need/or have time for is a nervous first time workmen's comp accident magnet investor following us around on the job site day in and day out, distracting our focus and interrupting our daily project management.

Too easy to get distracted and miss something important!

Our society is so full of distractions which result in mental clutter and inability to think clearly.Shut off the TV, get a mentor you trust implicitly, follow the mentor's directions closely and don't look back.

If you really like the deal, buy it and don't get too distracted by the opportunity to make another $5-7K by negotiating with lien creditor.

I can't be distracted all the time so I set times I am willing to do certain things.Example 1 - I make all my calls in the car on the way home from work each day.

The owner/chef got distracted and we had to evict.

If you can show that the need for having the out of office location is for certain tasks (like the ones you mentioned), whereas your home office is necessary to complete tasks that can't be done at the rented place (say, performing work in total privacy with no distractions), then the IRS will permit you to deduct the cost renting out of home space with the deduction for your home office.