Do they just want the monthly income stream...

Each note is a seperate series of the LLC, so it’s like its own individual LLC without the additional cost of LLC setup or legal fees or state fees.  

I wouldn't touch a 2 million dollar luxury home. the land cost at 400k is too much as a percentage of the after built value too. we try to underwrite 10% and normally try to buy land that has 5x multiple through zoning or entitlement for additional upside.

Thanks Michael, it's good to get that additional verification.

Additionally, once your tenants move into the rental, you will ask them to sign up for their own electricity plan.

Maintain proper records - Contracts, Settlement Statements, Agreements, Promissory Notes etc.Additionally, you can track income and expenses consistently, using software or spreadsheets.As you scale, if bookkeeping isn't fun for you, consider hiring a bookkeeper for a couple hundred bucks per month.

Should we avoid the hassles of trying to fix up the house and just sell as is, or fix it up and rent it out for generational income, or fix it up and sell?

Only a few months and the turned is just going to be some basic cleaning, or has he been in there for quite a while and you're going to have to do a full turn and that may take you how ever long turns take you (lost rental income)?

He bought the home with no money down, Home town Heros program and creative finance, then we developed the property by improving it with electrical upgrade additional meters and more bedrooms.

Additionally, if there are any resources or reading materials that you could recommend to help me learn more about this process, I would greatly appreciate it.