Some people hold it just because they won't make as much as they want, but then the market goes down and they lose more so you to know the sale and rental market as well as the trending nature of the area.

You need to know each one.

You are talking about 22$ an hour per individual for an 8 hour day plus whatever equipment costs they need to cover.

But, now laws are much stronger, identity much more difficult to hide.  

I don't know New Jersey law, but based on your first sentence in your post it sounds like you need to send the check by certified mail, not Zelle.

Also the majority of those costs to covnert to a 2nd unit will need to be capitalized and depreciated, but some things (new appliances, flooring, paint, kitchen cabinets) can be shorter year assets vs. across the full 27.5 and IF it turns out that unit is > 50% you can use bonus as well on those items.

@Eric McginnHalf the "fun" of seller financing is there are no rules... it really comes down to how well you can negotiate and how much the seller is willing to work with you. 

Quote from @Chris Seveney: @Becky HoffmanI would not change the name of the LLC but do a dba so you do business as one name but legally your LLC name does not changeSo I would need to keep that LLC as long as I own that property?

When checking out programs, it's important to understand what they offer and how it aligns with what you need. 

Two things:  1) You must find a real estate deal that fits your needs, so expect to have some due diligence here.