There is no such thing as silly question and it's good way to educate yourself. 

Since it is our practice to analyse a property using the posted rate - and then obtain a variable rate mortgage 2%+ lower, but set out payments as though we were paying a 5-yr fixed at the posted rate ... it will be not change for us ;-)

For sure get as educated as you can!

@Alex Zuroff, What you're describing is exactly a reverse exchange with one change - LLC B is formed by your qualified intermediary and owned by your intermediary with you providing financing for the purchase and controlling the property but not owning it or having a membership interest in LLC B.  

They will have the most up to date information and how the laws may change in the near future.

A landlord would be crazy to sign a 5 year lease with rent below market (even sign any sort of 5 year lease) and no tenant in their right mind will pay above market rent ($1000 for a $700 unit).Realistically the tenant population is too well educated to fall for the sub lease rent scam.

Everything about them is fine: education and job.  

Like most cities, Birmingham can change from block to block, so I wouldn't recommend buying site-unseen without some serious knowledge of the area or at least a trusted team/partner who knows it well.

Look up the "BRRRR" strategy here on BP, itll totally change the way you think about investing.

Leases are usually transferred as to original terms, and once the terms are met, new owner can change terms with renewal as he thinks best.