I do have a system in place that meets a decent amount of requirements in order to bring positive cash flow.

@Carmelo Pollicina: You are in a difficult position as few banks will handle a mortgage to a LLC . 

You may want to start with some of the smaller PM agencies, that way when you call you get the owner and are more likely to get a positive response.

Good deals are so hard to come by these days that it seems that 10% downpayment may make a difference between having a positive or negative cash flow.I'm also concerned about being overleveraged and vulnerable next time there is a correction...

This is exactly what I am looking to do and am in a similar position as you were before you bought the 24 unit. 

Most of the time they want a title free and clear and if there is still a lien on it even 2nd position, the title is not clear.

I gave him a weekly salary and a percentage of profits on the job.  

no problem its not real complicated you just don't know what you don't know until you experience it.you want your experience or knowledge to equal or exceed your buyer so you can best position yourself. for not in the business land owners selling to developers.for me the short to do list is1. first and foremost talk with your CPA and make sure they understand what your doing.. don't want to box yourself into a tax situation you don't care for.2. tight contract.. remember builder/developers by and large are sophisticated buyers.. so need to level the playing field.. this is not some wholesaler trying to snake a property.3. once figure out have a good RE attorney draft the contract don't use standard board of realtor or MLS forms.. it should be a custom contract in my mind..

The seller is willing to hold a 2nd position on the property 50% of the purchase price ( roughly $150000) for 5 years. 

The seller is willing to hold a 2nd position on the property 50% of the purchase price ( roughly $150000) for 5 years.