FYI in 1929 banks closed their doors, and many people lost 100% of their money.

Do you know where these people get quality work and contractors for that price?

Curious of a few things for those that execute this strategy currently:-The city the property is in has a no more than 4 unrelated people rule, would that be an issue for me if all bedrooms were full or does the fact the basement tenants would be short or medium term save me?

Just make sure you keep enough cash reserves on hand to cover unexpected costs or market downturns.Given the complexity of your plan, especially with the involvement of an LLC and potential rental income, it might be wise to consult with a tax professional.

The research I've been able to do so far says a new contract is likely preferred so that it gives me a chance to update the contract anyways but just wanted to get people's thoughts.

I didn't realize this community was only for people in the good 'ol boys club.  

Most of the time people pushing these sort of asset protection structures are the ones selling them. 

Hello,I bought a house at the auction with people living in it.

They're offering about 75k worth of incentives, and I'm allowed to use that in a variety of ways.I'm lowering the price by 65k, and using the rest towards closing costs so I can have cash on hand for the next property. 

Select people you want to work with and contact them via PM.