We do NOT recommend falling into this trap - and it is a trap because one you start, they make it very difficult to stop. 

You're over complicating it.

You see your parents have rented that property to these tenants for ~20 years and may have owned it even longer!

Money has to come from somewhere so where will it come from.issue will be if they increase sales tax it will be regressive tax as those who rent and don't own and have low wages will still pay more for everything.

These days, when people sell on land contracts, it's often with the intent of not recording it, trying to reduce the chance the original lien gets called due on sale.

@John ClarkAn LLC does not necessarily need to be actively conducting business in its registered state for liability protection to apply, but it must be properly maintained, compliant with state laws, and treated as a separate legal entity.

It prompted me to do more digging including reaching out to the seller/developer directly.

You should actually set up a lease and print it.

You know it's not a loophole right @Mohamed Youssef?

It sounds like you submitted a blind offer without performing any initial walkthrough.