@Bradley Bladon that makes sense so then why pay extra taxes in certain situations with an LLC?

@Khristian Guillory ......Looks like a good situation to be in.

To some degree I'm encountering a similar situation: having a real estate license and finding a broker that will permit me to wholesale real estate.

Also in your situation I would definitely go with FHA on this especially if your plans are to live it at least a year with the exception of the FHA guidelines.

Alternatively I was thinking to avoid getting in the middle of that confusing situation just using 2) a straight option. ..as these sellers can sit on these properties as they already have tenants.

Hey William, I would like to know how you ended up going with the oil pump situation you had.

You can't do a subject to on a short sale ( that doesn't make sense. ) You can do a subject to on an underwater property, this may make sense in limited situations. 

I found @Ken Rishes's information very interesting if not timely to my particular situation.

Pretty crummy tenant situation on my hands.

Is this the kind of situation where you submit your app and hope for the best?