Since it is on a land contract, would I be doing any harm by not recording the transaction?

Yes, mold will die from desecration, but if it get moist it can became harmful.

It can be harmful or fatal.

But hey, no harm in sounding out the owner, before finalizing your end-game strategy... 

The price per unit could be lowered if cheaper finishes were used - which isn't a bad option either and I don't think it would really harm our rent asking price.I'm open to anything though as long as it's able to generate a profit.

Now if you hate your job and plan on quitting anyway, there's no harm in asking to scale back on hours or the number of days you work each week as a first step in moving full-time into real estate.

I’m strictly looking for strong cash flow, some of these houses are selling for low twenties & are renting high six hundreds, one thing I see is the average home value is exactly what you pay for low twenties but if I’m buying strictly for the cash flow, what’s the harm ?

You'll inherit the lease as is.There's no harm in asking them to sign your lease and they might say yes.

You're going to fail, and we all have done stuff wrong with contracts, so there's no harm if you mess something up!

There's no harm in making an offer.