While not the reason why I do this, I’m sure it at least gives some pause for thought before some folks break up and bail on a lease arrangement.  

The best think you can do is actually get to know the sponsorship group.

Hello, has anyone had success with Dave Lindahl's sponsorship program that guarantees a sponsor for 12mos ?    

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.