The buyer does then "own" all rights to the position in the contracts, even though their name(s) aren't listed on there as the buyer (they have the assignment docs & all the disclosures that prove their ownership).But what I recommend doing is having the attorney print out an additional set of docs (with identical terms) so the new buyer can sign that set with the seller directly (sometimes some utilities require the tenant buyer to show a lease between them & the seller directly).

@Steven's remarks....Steven, what is the tax implication to the LLC if Mark chose his entity classification election (via 8823) as an S-Corp?

Ask to meet with them and talk about the business, and about their building(s).

Originally posted by Jason S.

Court House steps, Trust deed sales, Short sales, Hold and rent, Section 8's etc etc.

All 2/1's which will probably rent for $550-600 per unit.

If that number is low enough to wholesale it or sell it to a retail buyer then you're golden.You're going to need to put a COMPLETE short sale package together for the bank including a P&S agreement, Authorization to Release, Financial Statements and 2 years of the seller's tax returns along with a hardship letter explaining the reason for the default.

The owner, who is the only person on title, was in her 90's and was being cared for by her daughter.

Likewise, I know I may have to make a(/some) sacrifice(s) to achieve my endeavors so I might be able to pursue your method after relocating to my basement.

There are no annual fees and no LLC.Jeff S Can you elaborate on why an LLC may not be required for a SD-401k?