Based on the structure articulated in the book, if I structured the deal to be a 24 to 36 month rent to own lease and incorporated the 3% increase in price each year, the property would be around $250k. 

I would incorporate a 10% vacancy allowance into your analysis ($400/mth, $4800/yr).

It more common to require common LLC documentation like operating agreements, EIN number, articles of incorporation, etc.

Often times you find a common thread between all those that are successful and that helps me and other newbies to understand habits that we should incorporate into our own practices. so if you dont mind please respond i believe it would help not only the newbies but the experienced as well.thanks alfonso

I am a pharmacist with a great salary working in corporate (large pharma company) and I HATE.

If you live in a diverse city, it might help to incorporate this strategy.

I was dealing with a house that was only from the 50's and you just have no idea how much I regret not just ripping off all the drywall in kitchen and bathroom and arranged for the SOW and budget to incorporate the plumbing and electrical (I might have guessed about the sub-floor but not really the rotten and unsupporting studs).

This may not be something "groundbreaking" to you if you've been already incorporating this into your business, but for me it just made so much sense.

You will just need to incorporate additional screening stesp such as creating leases, referrals, and more. 

@David Tipton True, I forgot the mention that the said $800-tax only applies to LLC incorporated in CA or doing business in CA (generating revenue from being active in CA).