But this was only occasionally, the bulk of transactions were not “simultaneous” closings.Lenders who lent to the end buyers put restrictions on how much they would lend in these transactions, as some of these transaction were bogus to add a “fluff” element to the price to increase loan amount and enable nothing down or “cash back” transactions.  

They have an interesting background (both college educated entrepreneurial musicians) and actually went to a college where I grew up that I'm familiar with and know some graduates from (and think good things about etc) - We have agreed to a lease of $1550, and in good faith/principle, we have agreed to them having a purchase option kick in under a separate agreement after 6 months of a traditional lease. 

Here's my thinking:1) Creating an LLC for property management (PM) would establish a solid business history for the LLC and make the LLC to be a better candidate for obtaining credit and financing within a few years if I wanted to later purchase or hold title to property under the LLC.2) The LLC would have an EIN which would enable the LLC to open/maintain its own checking account which would receive/maintain rental income/deposit separate from my personal accounts.

The thinking is, I really don’t have a desire to own the property, but rather maximize the cash flow the property can make and then sell in either 5 years or match closer to the terms of the IO loan (depending on market conditions, etc.)Having more cash flow would enable us to improve the property conditions, thus rents etc, repositioning the properties performance for the future sale.

On one side, you may save yourself a few headaches and some money on nice upgrades, but on the other side, you may be enabling your tenant to use those things against you in the future regarding rent.

It's a very landlord friendly state that enables eviction proceedings to be done very quickly, assuming you have followed the law and all associated notification requirements properly.  

State consumer protection act statutes and traditional common law causes of action, including fraud, negligence, unjust enrichment, intentional infliction of emotional distress, and unconscionability, also may enable consumers to prevail in claims against predatory lenders.Not coincidentally, the prevalence of predatory lending practices and the subsequent increase in foreclosure rates has contributed to an increase in foreclosure rescue scams.

This method enables you to take advantage of the current price and start capturing appreciation and rent growth.There is no effective way to time the market in real estate (and maybe not with stocks).

I am a musician as well, and I want to strongly encourage you in your idea to pursue real estate investment!  

I am planning on installing a Wifi-enabled lock to the condo unit for entry, but I don't want people entering the property without someone being there.