If they are, I'd then proceed with something in writing in the form of a non-binding letter of interest.

The following activities of a foreign limited liability company do NOT constitute transacting business within the meaning of the New Mexico Limited Liability Company Act:a. maintaining, defending or settling any proceeding;c. maintaining bank accounts;e. selling through independent contractors;f. soliciting or obtaining orders whether by mail or through employees or agents or otherwise, if the orders require acceptance outside New Mexico before they become contracts;g. creating as borrower or lender or acquiring indebtedness or mortgages or other security interests in real or personal property;h. securing or collecting debts or enforcing rights in property securing debts;i. investing in or acquiring, in transactions outside New Mexico, royalties and other nonoperating mineral interests; executing division orders, contracts of sale and other instruments incidental tothe ownership of such nonoperating mineral interests; and, in general, owning, without more, real or personal property; j. conducting an isolated transaction that is completed within thirty days and that is not one in the course of repeated transactions of a like nature; ------------Nor shall a foreign limited liability company be considered to be transacting business in New Mexico solely because it:1) owns a controlling interest in a corporation or a foreign corporation that transacts business in New Mexico;2) is a limited partner of a limited partnership or foreign limited partnership that is transacting business in New Mexico; or3) is a member or manager of a limited liability company or foreign limited liability company that is transacting business in New Mexico. ----------------------------------------* as per note above:b. holding meetings of its members or carrying on any other activities concerning its internal affairs;d. maintaining offices or agencies for the transfer, exchange and registration of the foreign limited liability company’s own securities or interests or appointing and maintaining trustees or depositories with respect to those securities or interests;k. transacting business in interstate commerce"

I ask because most "Cash buyers" I've met use some sort of funds from another party (Hard money Lenders or private lenders) but they say in their Ads on Craigslist that they can close fast in 7-10 days in cash and no one has ever called them out about it, yet I see wholesalers get bashed for the very same thing.

You just have to make a judgment call for each property and decide how you want to proceed.

And before proceeding with processing the application of somebody needing a move in date later than I want, I will look at applications with earlier move in date. 

Would it make sense to take out an FHA loan at 3.5% down (tell them I plan to live there) and just pay the additional insurance from the rent proceeds until either I hit the 20% mark and/or I am able to refinance pay in to get me to 20% down?

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.Note it states that contracts or options "employed to permit an unlicensed person to sell, lease, etc" appears to close the loophole.

Btw, I'm guessing that many here on BP were smart enough to at least tread water for the past few years, or if they did lose a fair amount, they were smart enough to figure out how to recover or position themselves to recover.Now feel free to proceed to beat me up

Don't be bashful, ask your questions.

After she signed the contract and gave me the check she proceeded to tell me she has a bi polar daughter who got out of jail recently and it’s trying to get her to move in.