You've come to the right place for guidance in all the areas you mentioned.

Consult your own attorney for specific guidance on this and other legal questions.If you are thinking that the LLC for your rental property gives you some tax advantages you would not have otherwise, then you are misinformed.

If you move out in five years and convert your home to a rental, you can recover that cost through depreciation.Consult your CPA for detailed guidance.

That's how I got my start and truthfully feel that I would not be where I am right now if it were not for the help and guidance of my mentor.

If so, I'm looking for guidance on what's the best way to move forward trying to buy this property from BofA before it forecloses?

Any guidance on how to get started?

I appreciate all the guidance in this thread.

Here is guidance from a few months back in Texas://Begin QuoteI talked with TDSML…here is a summary of their interpretation of compliance for owner financing as it relates to loan origination activities.

High deposit, low rental credit and no guidanced on how to buy the home in the term period.

Here is a link to the BP thread where this was discussed:Investor Lead Generation Via Websiteand here is a link to the legal citations and guidance referenced in the thread:Offerings on the InternetThis really relates more to Reg D. offerings, but I think much of it is likely to provide similar guidance for private money raising on the internet too.This is not legal advice and should not be taken as such.