We are a ways off from Social Security age.We have not decided where we may move, but have been thinking about the Lake Isabella area.

smells shady to me, however the the fact that he wants to put as the leasse wouldn't concern me so much since would put his name and the LLC on the lease and you would take his personal social security # to run a background check either way, but the fact that he told you that he is planing to sublease it that a red flag to me.

Get a lawyer to draft a 2nd position lien secured by this property. 

Lenders who have posted here care to comment.See belowLimits on the Number of Financed PropertiesIf the mortgage loan being delivered to Fannie Mae is secured by the borrower’s principal residence, there are no limitations on the number of other properties that the borrower will have financed.

And you'll need a deed of trust to secure the note to the property. 

And balked when I included normal verbage in the PA that the security deposit $XXX and pro-rated rent would be turned over to me at closing. 

I read chapter 5 Analyzing a rental property and recently started web surfing on Zillow and Trulia.

IF there is a recession not having the house of cards that is debt will put you in the most secure position, however just having the ability to purchase will probably be enough because in a recession sellers would have a harder time selling properties and in a true recession you wouldn't have an absolute ton of competition from cash buyers like the case is now.

I am not an expert on all of the securities law issues, but I have seen gifting of interests in syndication deals to a limited partner's children (cannot confirm that they were minors). 

If I become a Co-Borrower on a loan secured by a property that I intend to exchange into, will that prevent me using the 1031 Exchange?