This money will be transferred over to my mortgage bank on the 15th of every month.I have contingencies for collecting rent person to person if they'll late or other extenuating circumstances.

Everybody has different circumstances 

Correspondingly, all business income taken from an LLC under similar circumstances is subject to self-employment taxes.

@Dustin Miller The exceptions for prorating are related to [unexpected] circumstances that force you to move (e.g. change in employment, unforeseen medical issues, etc).

It has almost always been stated that if the original purpose was truly as a 2nd home but due to circumstances the purpose gets changed things are generally OK.

One clause that you definitely want to include, in the Promissory Note, is in the event of the Seller's Death or other life altering circumstances, the individual or entity that assumes the Promissory Note cannot call the Promissory Note due and must abide, by the terms and conditions specified in the Promissory Note.

Many owners give instructions as to how they want to review offers, which often means you won't hear a response for 2-3 days in most circumstances, longer if the owner is travelling or overwhelmed with the process.

. - Anywhere, where there is a deal and my circumstances allow me to do profitable business.

In speaking with title companies I've found that I should expect to close within 10 days if there are no complicating circumstances, and up to a month if there are.

One last thing... do not under any circumstances get into analysis paralysis.