Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

That said, it sounds like cash method is simplest and better suited in our case, except for inventory accrual - is this considered a hybrid accounting method, and will it likely survive an audit?

I would second @Johnson H. and @Kevin Young 's advice about not skimping on the lawyer, if making sure that all these things are tied up properly is your ultimate goal.

@Sharon Vornholt do you send your letters when there's still a spouse surviving?

On one hand it is from "mortgage corporation" (and should be wiped) on other it is City (government) that acting as that mortgage corporation and I know that government liens survive foreclosure in most cases if not all.

It's awesome that you're looking to find work in the industry also to help get your foot in the door.If you haven't already, be sure to check out these two awesome resources:BiggerPockets Podcasts The BiggerPockets Ultimate Beginner's Guide

A complete list of pros and cons would ultimately be determined on how much time you have, capital you have to invest with, and your desired exit strategy.

Be sure to read through The Ultimate Beginner's Guide to Real Estate Investing to help you get started.Finally -be sure to setup some keyword alerts - especially for "Albuquerque" so you can jump into local conversations.See you around the forums!

Warren Buffet's first rule of investing is Don't Lose Money.If you haven't already done so, I'd recommend reading the BP Ultimate Beginners Guide to Real Estate Investing.Good luck!

If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast.