We used to use the simple 2 pages purchase / assignment contracts; However, when we talked to one of the RE Attorney in town, they said the purchase contract is not comprehensive enough and recommended us to use the TREC contract, which is WAY too complicated for us and probably confused and scared the seller also.

However doing this on any property that you have previously filed taxes on using the straight-line 27.5 year depreciation method, would require you to make adjustments, including filing a form 3115 which all may be much more complicated than Anthony made it sound to be.

Why that's the case is complicated but it mostly has to do with the fact that: (1) residential customers can be very demanding with little knowledge; and (2) commercial/industrial jobs have lower margins but much larger contracts.Along those lines, the high-end residential market is a tricky market.

Check your state age mins to be LLC members.Like anything in RE, don't over-complicate or limit. 

Of course, we'll also need a way to see if those estimates play out in reality and aren't all just wildly off - so a feedback loop comparing estimates with actual bills will be a huge part of the challenge.A complicated problem for sure, but something we are teasing out! 

Complicated enough??  

I suspect it may have complications for those of us that invest in multiple states.

I wouldn’t make this more complicated then it has to be

Can they sign over the house to me or is it a bit more complicated than that?

Multiple property exchanges can get complicated because the timelines remain the same and you're adding more variables into the mix, but they can be useful in that you can get access to cash from other properties with more equity.