Here in Michigan you need to be licensed as a real estate agent or broker to be legal.

An LLC is useful for two things: anonymity and legal protection.

Search Google for "file ethics complaint [STATE]" and you will find instructions for filing a complaint against the property manager.

Purchase price: $330,000 Cash invested: $15,000 Legal 3 Flat (that was not for sure in the beginning).

One block may be legal, the next block may not be.

Quote from @Bhushan Shinkre: Few corrections, tenant simply decided not to pay rent and took further action of asking for refund of all prior payments (legally made via Baselane), which Baselane paid out no questions asked.

First, the tenants signed a legally binding contract and do not just get to walk away on a whim.

Purchasing in your name might be simpler and cheaper upfront, but you’d be personally liable for any legal issues.

And when you do a lease for MTR, you'll need to put that in the lease in case they stay through high season, spelling out exact prices for each calendar month, so there is no confusion and it is legally enforceable. 

You definitely want a legal agreement that's forecloseable, getting as much front money as possible so that you're not just in a lurch with nothing if/when they default, and you should get better interest terms for "being the bank" AND I would qualify the buyer just the same as if they had to go to a bank, because you want to know who your partner is in this deal.