If so will the LLC elect as S-Corp for tax purpose work?

Ibrahim S,It is distinctly possible that it may be able to get it discharged.

This is quite normal to sign in order to protect the agent for this one property.Might be other exclusive arrangements out there ...Some other threads where this has been discussed:http://www.biggerpockets.com/forums/311/topics/49488-what-is-an-exclusive-contract-w-agent-http://www.biggerpockets.com/forums/21/topics/45169-what-is-typical-in-buyer-s-agreements-http://www.biggerpockets.com/forums/311/topics/75732-question-about-changing-real-estate-agentshttp://www.biggerpockets.com/forums/311/topics/16661-why-work-with-a-buyer-s-agent-

Great post Jeff S!

If getting involved with deals through L/O'S, sub2's and owner financing is something you would rather not do, try to network with people who do..

UWE S.- The property is 21-30 years old.

(at one time NYC was a dangerous place to be and not highly sought after in the early 90's)You need to expand you horizons to less expensive areas if you hope to get cash flow from rental properties, or be a very patient person with lots of disposable income to park

It happened in the early 90's after the 1st S@L crisis and it was still a lethargic market in real estate.

As I said, the agents wants me to show proof of income here in the states, which is not good as far as #'s.

For example older homes with upstairs built in the 1930's to 1940's often haven these walk through rooms leading to the other bedrooms.