You need to get a real estate attorney to draft documents and operating agreement as well as discuss what entity creation might be best who is experienced .

So if I sign the documents with the seller and it takes me 14 days to find a tenant buyer, when does the seller get paid: is it out of my pocket upfront or when I find the tenant buyer?

I'm trying to find software to help document properties using audio and video, and of course looking for software that is intuitive and useful because of its feature set.

If you say "no", you're lying on a document you have signed and that's mortgage fraud.  

I mean, who in business still uses carbon copy documents?

The only documentation is the lease, which was signed by both parties and has the larger amount.  

We take our documents to our attorney who specializes in landlord-tenant law.)Attorney Fee: $500 (flat fee for members of the Clark County Rental Association, includes everything from paperwork to court representation)Filing Fee: $197 (with the Clark County Superior Court)Service Fee: $40 (process server hand delivers package of five court orders to tenant:  Complaint for Unlawful Detainer, Motion and Declaration for Order to Show Cause, Order to Show Cause-Unlawful Detainer, Eviction Summons, Payment or Sworn Statement Requirement)Court: Fees covered by filing fee...our attorney and our tenant appear before the judge, resulting in a judgement in our favor, court issues: Findings of Fact and Conclusions of Law, Writ of Restitution)Writ Fee: $20 (Sheriff delivers/posts the writ of restitution and also written instructions for the tenant to follow outlined in layman's terms).Sheriff Fee: $85 (Sheriff is at property for one hour while we empty the apartment).

From HUD themselves... 4155.1 4.B.2.bFHARequirementfor EstablishingOwnerOccupancyAt least one borrower must occupy the property and sign the securityinstrument and the mortgage note in order for the property to be consideredowner-occupied.FHA security instruments require a borrower to establish bona fide occupancyin a home as the borrower’s principal residence within 60 days of signing thesecurity instrument, with continued occupancy for at least one year.The entire text of the HUD requirements can be found here...http://portal.hud.gov/hudportal/documents/huddoc?

The documentation from county shows they made attempts to collect from HOA mgr.  

And when you go to sell, you'll have the documents you need for escrow to make a final payoff.IMO a resale via seller finance is a horrible plan.