Jon you are right, doing loan mods is conducting business as a foreclosure consultant.

A few years before everyone violated and circumvented the code of conduct Craigslist used to have one of the most productive sites.

No matter what state the LLC is in the LLC must register in the state where the property is located if the LLC is to legally conduct business.

But if the proper way to conduct business is to have everyone interested apply until a fee is paid/lease signed, then I'm ok with that.So should I have waited to have 2nd applicant apply?

Personally, I did not appreciate his tone of voice, and he came off as if he was doing me a favor by conducting the inspection.

Definately not looking to conduct any fraud!

They also don't insure LLCs, they insure me with the LLC named as an additional interest on the policy... which is probably fine but who knows.Anyway I have also been having issues recently with the carriers conducting their own inspections and then randomly determining that repairs are needed (USAA cited that the gutters on one of my properties needed to be replaced so they cancelled the policy pending a licensed contractor to do that), their coverage for the houses seems to vary, and the premiums are really quite high to be honest.

Download the guide at http://www.dre.ca.gov/files/pdf/re25.pdf This walks you through a detailed answer to your great question.Pg 13 - Steps in Conducting a Physical AnalysisPg 16 - Determine Useful Remaining Life for Each ComponentPg 18 Determine Cost of ReplacementPg 23 Funding AnalysisPg 28 Pulls it all together in a spreadsheet

@Amy ZemserYou can use Rentometer.com to conduct a rental survey to get a sense for the rental rate you should set them at.  

What ends up being the most advantageous terms will depend on the extent to which you'll need to conduct your due diligence in terms of checking all the boxes for making sure your plan for the lot will ultimately be permissible.There is a contract we typically use here in San Diego specifically for the purchase of vacant lots.Feel free to shoot me a PM if you'd like my help in getting that contract put together for your deal.