@Brian Borchers,You should talk to an experience lawyer in your area to get the facts because there is a lot of hype and misleading info on the Internet and you sure don't need bad advice.

You can get very creative with LLCs, but you definitely should not try to draft an LLC Agreement without a lawyer's (and possibly accountant's) help. 

Ahh I think I got what you're trying to say it is different how rental income is calculated when the subject property is owner occupied or non owner occupied, explanation below.To clarify:For rental income on a Non owner occupied property (which I believe this is)right 800 income - 800 liability is $0 to make the borrower qualify for and you divided it by 0 because he has no other income so the ratios are 0/0 if gross rent was 1066.67.The 800 Income after being discounted by 25% is netted against the 800 PITIA = 0 effect plus or minus to the borrowers scenario.For rental income on a primary residence:What your implying is how rental income is calculated if the subject property is a primary residence then yes it would go as you had mentioned because the guidelines do not allow the borrower to net the income against the monthly obligation so income would go in the income category and PITIA would go into the expense category similar to what you mentioned 800 / 800 = 100 DTI (debt to income ratio).

The seller's realtor even said he needed to call his lawyer - the contract stated we get the security deposit.

Buying is definitely more cost effective, but building will allow you to get exactly what you want.

If a broker/ agent isn't analyzing their time for maximum potential then they are failing running an effective business.

Additionally, you have a signed lease already in effect, security deposit, and first months rent.

I'm not entirely clear on the question but I'll share my experience/perception generally on lawyers for RE investing.

Hello BPJust looking for a little insight from all the wonderful and experience investors on BP, here’s my situationI purchased 3 tax liens last year in Lake County Indiana, two of the properties are in Merrillville IN, the other one is in Gary IN.So here’s my issue, I LIVE IN CALIFORNIA....I’m really familiar with the area and I’ve seen all the houses in person so i know the condition of each.Cost of each property#1 $3800 purchase, $1000 lawyer fee, $2000 back taxed= $6800 total investment.

-the negative credit effects of a short sale are generally less than a foreclosure.