I have never done a deal like this so I'm deffinately clueless as to the ramifications ; what I do know is the deal is too sweet to pass up so I'm trying to find the best way to do it.

An S-Corp is a good option since it's a pass through entity so there are no corporate taxes to pay (no double taxation).

Yes, we are passing on it after looking at it.

I have a couple older landlords give me a break on seller financing.The lease option deals never entertained me because I always wanted to own the asset.

Hi @Mel Rosario,Yes, I would have to say that cash really is king in the real estate world, especially when the seller is entertaining offers from investors - who have a notoriously bad habit of backing out of deals (part of the process).

And if you work in some of the original black neighborhoods in Atlanta with 100 year old houses you can be thrown for a loop, because the properties often were passed down within the family without probate (because the lawyers were usually white and they didn't trust them). 

No seller will entertain offers without POF.Realtors will not consider a offer without POF.

In addition to that house, I'm also trying to push my siblings with my Mom's house to get that rented at least (she passed in June 2012), but it needs renovation. 

Eleven days after that she would pass away in the ICU.

You may fall flat on your face or the coach may inexplicably call for a pass on 2nd and goal, when the entire defense is bunched up into a solid wall on the goal line and the championship is on the line, but you're at least guaranteed to learn a lot in the process.