The only purpose of the account would be to collect payments and pay bills like taxes and insurance on assets held by the LLC.

The 90% they are paying you back is probably 1/3 of what they're actually making by you committing to a deal.

Hey @Keagan Scott, so I don't have any insight into Gary, IN but here is a blurb -"Those looking to rent out their properties for less than 30 days (about 4 and a half weeks) will have to get a permit, pay a one-time $150 fee, and have a city business license.

@Parmesh P. there is no such TDA paying 7% or even 6% long term,5 years or longer.

I am not yet familiar with the management fees for an STR yet as we self manage, however Cleveland itself is currently STR friendly and just requires them to be registered if you have stays over 90 days and then you register with the city and pay $35.

So, you can do a land contract for 12 months, which should allow lender to credit you full value of the land vs the purchase price, but the loan will pay off the land contract, so the lender maintains first lien position.Can't help you with the rest of your question, but you should be able to search for "CPA" here on BP to find experts to reach out to.

If it is not adding up, and you can find an attorney specializing in that type of thing, it may be worth paying for a little of their time.

How much less will a potential buyer pay for the house, now that one "bedroom" does not have a closet?

Why pay off the mortgage early? 

I don't see them showing up or paying any of the back rent that's due to become current if they wanted to stay.