An off-the-shelf or do-it-yourself Operating Agreement for a Series LLC, or an Operating Agreement for an ordinary LLC with only slight modifications, will be little more than legal suicide should a significant issue arise."

Hopefully the city has the permits and they match the modifications.

Quick question I was thinking to myself but I really wanted others opinions on the matter. Currently I am team building out of state in the market I am planning to invest in, I know of course flying out to meet broker...

It's vital to do this if you want to achieve long term success.

Florida is notorious for foreclosure scams and modification scams.I was wondering, however, if any one has had any experience with approaching a distressed homeowner with the following proposal: If they don't want to do a shortsale, and they have little to no equity in the property, I would be willing to take over the deed and the mortgage.

Are there any modifications to the written lease?

I purchased the home in 2008, I have since gone through several successful loan modifications.

The agreement can be whatever you want, just like an online advice :) However, for taxation purposes, this idea of @Carl Fischer will not work without modification.

not necessary to do anything. you can if you want and can handle it with a note modification agreement that you can produce yourself ..

Also, you have to have written into the Option and into the Lease that the seller will allow you or your assigns to make modifications to the property and what happens if those modifications are not completed or faulty.