They had what looks to me like a fairly convoluted scheme with ownership of the trust, 10% by the trustee lawyer, 40% for the LLC and 50% with the resident.

.- In effect, Mike's net Tax obligation would be zero (until the property was sold), and Joe would get an income of $200 per month.

If you go that route, you should still have a real estate lawyer look at your contracts to ensure they meet your local legal requirements.

But I do have my realtor working on it, and I don't do anything without my lawyer.

It is possible to manage from out of state, but to do this effectively you need local assistance.

I will probably use a Lawyer being that this is my first dealing with Land Trust but I would still like to educate myself on the process.

The new North Carolina law, which goes into effect January 1st, essentially ends stated-income loan applications for state-regulated loans, applications where borrowers estimate their income and lenders usually don't check.

and if yes can i put in other fee's like the cost of the lawyer?

Effectively, you have that money invested in this property.

Both closings happen at about the same time, and with the same title company (or lawyer) and the money from the second closing (you selling) funds the first closing (you buying.)