Real estate is so much different in person than it is online.

My real estate mentor found it via online marketing and I did the negotiating.

You better put this in place before you get in trouble and get sued, after...no point in closing the barn doors after the horses escaped.An LLC is a legal concept, with no tax advantage - you can have it treated as a disregarded entity for tax purposes, or a S-corp or C-corp (but you don't want to hold real estate in an S-corp or C-corp).If available to you, you should look into Series-LLC for the asset holding entity.

I found this deal online during the shadow inventory dump years.

Take a look at the many OMs floating around.Also take a look at CREPro to create a nice brochure (online or PDF)

Don't forget to account for lawn care, legal fees for evictions, leases, etc.I would need 0% owner financing for this deal to work for me.  

Some tenants would be late on the water bill for a couple month and receive shutoff notice and one of them is 3 month late now and I still don't see shut off notice when I check online.

The legal/procedural overhead of a private placement is too high for a small deal like that.

This could lead to a future event that optionee comes up and buy my property at a stipulated price.Currently, I have heard a few things:- Title company: they say there have been a few transactions after this Option, there should be no issue, but this is not covered by insurance- an unpaid legal advice from a local lawyer: this is a defected title, should cancel the purchase- Realtor: we will try to remove this, but this is not an important issue- Realtor friends: No.

So nothing we can legally change there.