You'd still have to get your FHA loan as an individual and keep this side arrangement with partners off the mortgage.

The point is, without the estoppel letters to prove what the current arrangement is, the tenants can say whatever they want once you own the property and the seller won't be around to help clear it up because they're not even helping you now while they still own it. 

The IRS often considers this arrangement as a prohibited transaction of self dealing.

Hi Diane, I am also seeking to arrange my first seller financed deal. 

Excerpt:Many states have reciprocal arrangements for granting licenses to real estate licensees from other states.

These would be simple one off projects and so it doesn't seem like the right project to form a complete LLC with operating agreement as we would for a larger project.With the arrangement, they provide the funds we source, manage, and dispose of the asset. 

Locate a notary on http://www.123notary.com close to where the seller lives and they arrange to meet at the seller's home, office or nearby restaurant.  

This can be arranged by phone or going to the appraisal district in person.At your protest appointment, your objective should be to get the tax assessed value lowered to the purchase price of the property.

So that alone very much limits the services an unlicensed arbitrager can offer an owner and lowers the value that they can bring to the arrangement, while staying within the law at least.

Would I want to arrange to do the rehab work before we close so the property appraises at the ARV value?