Make sure you get it reviewed to ensure it's legal in your state.http://www.biggerpockets.com/renewsblog/2010/02/17/whats-in-a-contract-contractors-rehabbing-real-estate/

I would consult legal counsel before acting but I respectfully disagree to say it is an SEC violation per se to mail to a private money list.True if you offer a specific percentage return or offer participation in a specific deal you may NOT legally do so.

A legal contract eliminates the gray area and spells out expectations and responsibilities of each partner.

Your property is inspected and approved, based on local rents they will tell you what the place qualifies for, you can charge more, but the tenant can't pay more than 33% of gmi and yes, you don't have to rent to any applicant, you can reject applicants so long as you do so legally and fairly.

(avoids probate complications and maybe estate tax, if that is a concern... not for me)However, since they are in an LLC in my name, I don't know if it affects my ability to do so... any thoughts.http://www.transfer-on-death-deeds.com/transfer-on-death-deeds.com/Home.htmlhttp://www.nolo.com/legal-encyclopedia/free-books/avoid-probate-book/chapter5-1.html

James Vermillion- That's true, in a perfect world I'd love to have that all paid off before December.I have a question (one of many to come, I'm sure): I keep seeing something called "yellow letters", and when I looked it up, it looks like handwritten letters on yellow legal pad paper.

Not a practice I am condoning necessarily, however I know in the past this has been strategy of investors, i.e. buying the property in their personal name, financing the property via conventional loan, and then moving to an LLC for legal protections afforded by an LLC.

Something like $100 a phone number and the agent keeps all the commission as I believe that this is not considered a referral fee and is therefore within the legal boundaries.

That said, I will *not* be claiming a charitable tax deduction on the donation, so I would imagine that it's 100% legal for you to take the deduction.Here's proof of the payment (email receipt from PayPal):http://imgur.com/fEUfnOG

(you can check with your attorney for his legal opinion) Should anything come up down the road, that should help protect you.Also, before closing, do a walk through and have them sign off.