@Tamara Miller  I don't know about Louisiana law, but what you've described sounds like a textbook case of breach of contract. 

Check out this article that describes the different closing costs you might have. 

I’m a bit confused how the cap rate calcs are off since my formula looks like what you described...do you think it is a rounding error? 

We have exactly the situation you describe here.

Hi @Craig Napoliello, It sounds like you are describing a Contract for Deed/Land Contract where you acquire the property, have all of the benefits and burdens of ownership, risks and rewards, etc., but legal title is held by the seller until you have paid off or satisfied the debt due. 

@Alex ForestYou use "rationale" to describe a government edict.

SS1.168(i)-4 This describes how residential rental property becomes nonresidential real property.

If you have a mentor, how did you find them and describe the impact your mentor had on your REI journey?

Being fairly new to real estate investing I have an odd question...Are there certain terms or jargon used to describe the steps/levels/scenarios below?

Based on conversations with other investors and hanging out on this forum, the situation you described is not all that uncommon.