But if I’m buying 20 -40 lower priced properties annually I may decide to skip title insurance on the buy side and substitute a thorough title search.  

There is no real good substitute for a well drafted operating agreement, but if you are doing long term rentals in TX then the OA should remain mostly unchanged once you have a good one.

I also utilize subordination of the mortgage and substitution of collateral where appropriate to create the “enhanced” returns that I seek.  

Title was run title attorney I have closed with many times we substitute my LLC in and we funded it the SAME DAY so the guy did not lose the deal. the trick is with folks doing this actually knowing what a deal is.

The lease termination fee needs to be paid at the time they request this, do not substitute the security deposit for this purpose.This will ensure compensation for time, money and effort needed for a tenant turnover, including advertising and showing costs, regular repairs, utilities during vacancy etc.

Substitution of Collateral.

When I was a more active buyer, in my area I did similar deep dives into the HUD/REO markets and courthouse sale data based on Substitute Trustee filings.

I ended up going under contract for a VA loan assumption where the seller doesn't need me to substitute my VA entitlement with his own.

Bottom line - All hype, bs, misinterpretation, opinion bias, etc aside, sellers willing “owner finance” the sale of their property for one reason - and one reason only: They PERCEIVE that they are getting a higher price for their property by owner financing than by a cash (cash to them) sale.The “perceive” part is why buyers can sometimes structure terms ridiculously one sided in their favor - because some sellers are so focused on PRICE they become oblivious to anything else.It’s why I and numerous others have been able to structure 20 year owner financing loans at ZERO interest; why sellers have accepted “substitution of collateral” that gave them a lien on recreational land I had rather than their own income producing property; why sellers accept second position liens and allow buyers to obtain new first mortgages ahead of theirs (subordination), and why sellers always accept mortgages without my personal guarantee.I myself sell properties and provide owner financing to obtain a higher price.

And it was a simple process  Assignment and substitute trustee.