The BMs say "we've done it before" I say, “That doesn't make it legal.

I still don't understand the basics of the actual ways of buying and selling when it comes to forms and legal documents.

Whatever legal risks you incur by being the agent are overshadowed by the payback IMHO.

That includes all the expenses: advertising, taxes, insurance, management, maintenance, vacancies, entity maintenance, legal fees, evictions, setout fees, damage done by the tenants (in excess of the deposit), capital expenses (not technically an operating expense), etc, etc, etc.

Is this legal?

A litmus test for a legal deal is if the institutional lender will write the loan after being fully informed of the seller financing.John Corey

., Ask for the name of the Legal Newspaper (Insiders Secrects) where Foreclosures are listed for the Next Upcoming-Sale.

A master lease with an option could be one legal construct to fit what you need yet not be too involved in the property directly.I think the biggest issue will be for you to clarify in your mind the sorts of deals that would make sense.

Some are talking about properties where legal action has been started by the lender.

I don't know the Legal side of that but why would you rent to someone you don't trust?