Hi all, I am an investor and realtor from Calgary (originally Sask).

Just to clarify after reading what I originally posted, I would be getting a building loan from a bank that is convertible at the end of the build, not financing it cash from my pocket.

Quote from @Rick Pozos: I think the original poster is just getting very excited because it is something new that they did not know about before.

The assignment did not release the original contract purchaser from liability unless the seller expressly consented to the assignment and fully released them (a novation, in effect)… which is not part of the fact pattern.So the agent is right.

Hey Tammy - I'm originally from Madison.

I’m originally from NYC and I’m currently working overseas for nearly 10 years as a Construction Manager and have been enjoying my time here as well as my family (and the tax benefits too!!).

There is nothing in the original post that stated the resident's situation was anything like yours.  

Purchase price: $125,000 Cash invested: $25,000 Sale price: $230,000 Bought the property about 4 years ago, originally it was a 2-family rental.

I really did consider the LLC until my lender said it could not happen under my original loan. 

So this is actually fairly straightforward... 99% of houses don't make good rental properties - your original primary will not make a good rental. $2900 (mortgage payment) - $2500 (projected rent) = -$400 (monthly cashflow).