Should we set up a real estate/development corp before we make an offer or can we just make the offer as individuals and then turn it over to a corp to protect our other interests?

This definition of UBIT taken from IRS publication 598: "... if an exempt organization regularlycarries on a trade or business that is not sub-stantially related to its exempt purpose, exceptthat it provides funds to carry out that purpose,the organization is subject to tax on its incomefrom that unrelated trade or business."

(not exactly sure what a Legacy Asset is - sounds racey though)3. to use public / private investment funds to purchase mortgage backed securities.I am wondering what if any affect such a plan might have on the average invoestor.

Add to that the documents that must be a part of any closing package and a full understanding of what those documents must contain, when the borrower must get them, as well as those things a lender is required to check before making a loan.Lending on real estate or a manufactured home that you did not actually live in before you sold and financed it has become very complicated, and the new federal agency, The Consumer Financial Protection Bureau intends to enforce both state and federal laws through a new joint agreement being signed with all the state attorney generals, and several other federal agencies.As much as I dislike writing this because I know people won't like it, the reality is the internet is not the place to get information on lending law.

I don't do this because of the bookkeeping, although it turned out to be easier to do the books in a LLC, but because of hopefully the legal protection it gives me.

If its public land,its in a reserve and NOT available.

Thanks for your help, how safe or protected are Roth IRA accounts from creditors ?

Also, I don't have a car, so my local range is limited by public transportation.

This was done to "protect the consumer" as so many crooks were taking advantage of people.

John is correct, if they accept $10, then you just cut them a check and proceed accordingly.Now I come from the school of putting down a large chunk for earnest money to show that I am serious and not playing games.There are enough contingencies that can be written to protect your money, and if I want the deal, I want the deal.I know many people will disagree with me on this, but that is just my personal preference.