(Again--this is WAY outside my area of expertise, and I don't know anything about the legal aspects of sales to a buyer outside the US, so it's just a total shot in the dark).  ...but I'm interested to hear your take on it...Good luck out there!

I don't have a lump sum to pay, so is there a strategic way to buyout an owner, perhaps a long-term payment plan? 

For example, Biggerpocket is extremely useful for the technicality aspect of real estate investing (eg, extremely useful information on how to manage/work with tenants; to understand tax rules and regulations and understand what needs to be done during certain situations) ; but it's less useful when we're asking for opinion for investment (which city to invest,etc).

There is a little more red tape for FHA loans around safety related aspects like chipping paint, broken windows, etc., but a great choice to jump into the game!

Any reason the rental aspect would disqualify that exemption?

@Mike Dawson- there are LLPA ( loan level pricing  adj )  for   1) property being a rental  2) loan to  value  3) property being a condo  4) possibly for the  condo tel aspect  ..... all these  lead to  rate/ term  pricing being  higher ...many lenders  wont  lend on condo tels ......the lenders  able to  lend on  condotels  will  likely price their loans  high as  they have a  bit of a captive  market  ....I  would  recommend  trying to  find the lenders  that have  made loans in the  subject complex and  contract these  lenders for options  

Finally, it is important to consult a local attorney who can advise me on the legal aspects of purchasing such property and answer any questions I may have in regards to potential liabilities associated with owning it.

Hello there,It's my understanding that the LLC alone does not offer you protection, it merely separates you from your business, hence the limited liability aspect.

However, if you want to learn how to use them strategically I'd recommend you contact an experienced qualified intermediary. 

If there's some city developments/improvements that are going in, or if there's upzoning that I can take advantage of in the future I'll be looking for those things.I also have to have a walk-in equity position where I can force appreciation through rehab.If a deal has those three aspects to it, I'll do more due diligence on it and probably take it down.