Be intimately familiar with it or find someone that is. 6.Buy umbrella insurance to CYA. 7.If you do not hire a Realtor and are not familiar with contracts, hire a lawyer to look over.8.Make sure your credit score is good and you have liquid assets for more than you think you need. 9.Talk to an investor friendly lender to get familiar with the types of products. 

The 30 year fixed mortgage as I type this sits around 6.125%, conventional NO POINTs and VA 5.5% NO POINTs. 

You have to go to the court online docket and physically type in their names to check for records.

What made you interested in investing in this type of deal?

Even if they are all good, they will find someone to blame, and you are an easy target since you did that work without permits.Then, as @Bruce Woodruff stated, are you going to be aware if your contractor doesn't do everything to code (# and type of outlets, smoke/co det., proper egress, etc).

However, if it is a self-directed 401k plan, then you have more control over the investments, and there are no limitations except for a few types of prohibited transactions.

She is not the type to pay rent and has always paid late and late fees.

Essentially, I’m buying out my partners and transferring the lots to my own LLC.1.Do I need a purchase and sale agreement for this type of transaction? 

We work with all types of investors and we love getting feedback on our deals.

Those types of properties are usually pure cash flow options.