You will have a Mortgage and Note and an Agreement to transfer ownership to the Buyer if he fulfills the term of the Mortgage and Note.Rent to own - you're not transferring equitable interest to the buyer other than an Option.

It requires a lot more than an apartment building investing, but it's something i enjoy doing. 

-I would also get a very experienced corp attorney to write a very detailed operating agreement where you clearly define what the roles of the people involved are (i.e. the person remaining in the llc doesnt recieve any profits)All in all this is something that is quote common in M&A (utilizing a stock sale rather than an asset sale) but in those cases there are clear advantages.

A joint venture with tenancy in common may not need to, as an example of different approaches.If his IRA is involved and there is debt financing such as a mortgage, you would need to ensure the debt is non recourse and consider the potential implications of UDFI taxation to his IRA.If a LLC is purchasing a property with a mortgage, and his IRA is a member of the LLC, or a JV partner with the LLC, the implications of debt could potentially be different for his IRA dependent upon how income is allocated.It is more complicated than an internet forum can address... but you are heading in the right direction and asking good questions.

...my partner and I are new to REI ...or the "flipping" business (8 months) ...however ...not new to the rehabbing aspect ...having over 28+ yrs in the home building/rehabbing business (interior and exterior)...we are finding great properties ...to work on ...with great numbers ...and plenty of 1st position lenders to do so...OUR ISSUE is ...our reserves went into start up costs of the business ...now we are short ...and finding 2nd position lender ...or an actual PML to work with us in TN ...is not impossible ...but seems that way ...we have exhausted several avenues ...just looking for short term 6months-12months (preferred) ...and we can make monthly interest payments ...any suggestions for QUICK FUNDING would be greatly appreciated ...thanks for your time and consideration ...blessings                                                  ...Kelly                                                                

Also you can get an estimate of your property and use it for the new floor purchase price.Tenants get pride in OWNERSHIP and take better care of the property than an average tenant.

Include *at least* these for now and use the Biggerpockets buy and hold calculator for help (or other online property analysis tool): this list is not exhaustive - just a place to start.

You likely need the ducts all the way back to the furnace cleaned out as well with air handler cleaning and filter replacement.I have done this before and it is exhausting work.

Work hard, bust your ***, and when you get exhausted, KEEP GOING. 

And I will definitely check out the Boron book - I feel like I've kind of exhausted my library's offerings, and I'm looking for some new material.