My questions are as follows:1) For those who immigrate but aren't US citizens, I assume I'm looking for a valid green card to identify the person(s)?

I have seen other landlords fend off lawsuits.Generally people that say they get hurt it's very hard to prove.Usually they go see an attorney who sends a letter out fishing for money.The attorney hopes the insurance company will throw some money at it even if it's not valid just to go away.For insurance carriers it's easier to pay out rather than go to court for small amounts and then just up your insurance premium.You have to really fight the insurance company on this and tell the adjuster you want them to fight the claim.In the past I had one tenant claim she broke her leg on the property.We took pictures of her power being out and the cord running from her door outside plugged into one of the vacant units outside plug we had power on for the rehab.She was told not to steal power yet she kept doing it.Police came out and made a report.This documentation we told the attorney fishing for a claim that this shows the character and truthfulness of the person and we would fight them in court and they would get nothing.The lawyer dropped the claim and moved on to easier targets.People are worried about getting sued.Most of the time they never follow through or when they do get an attorney it gets dropped before court.If it goes to court it gets settled with mediation before a hearing.Very rarely does it make it to a hearing unless you are talking big money.When someone claims they got hurt (Who was there??

--$100 to $200 -- county transfer tax--$300 to reissue or write a new title policy in the LLC's name, since the old policy will be voided by the new quit claim or warranty deed.--???

Cleaner for the title if you do a warranty deed with "you and her" as the grantor and her as the grantee.If you've owned this for more than a year, the bank will probably just do a new appraisal to determine the value.

So you're buying a property where the tenants don't have valid lease agreements, and are paying far below market rent?

There are often tax filings that are not prepared and or the owner (the IRA) does not report taxable income that is being passed out of the LLC to the IRA.Lastly, promoters often refer to the Swanson decision and various IRS memorandums as verification of the validity of the structure.

The house needs to be pretty cheap IMO to make MDF a valid material.

I was just trying to address the issues that you guys raised by explaining more about the situation.You guys all raised valid questions and I thank you all for those questions and I am much less experienced than all of you.

It is legal, but stupid.If the tenant/buyer defaults on the promissory note, their option is still valid.

These are the best books that I've found for beginners for fix-and-flip and wholesaling:------------------------------------------------"FLIP: How to Find, Fix, and Sell Houses for Profit"Rick Villani and Clay DavisISBN-10: 0-07-148610-0ISBN-13: 978-0-07-148610-1"Getting Started in Real Estate Day Trading"Larry GoinsISBN-13: 987-0-470-41862-8 (cloth)------------------------------------------------As for earnest money deposit, it's not legally required for a valid binding contract (EMD is a deposit not consideration), unless the parties specifically agree in the contract that EMD is required or there is an unusual situation like California pre-foreclosure of an owner occupied home (in that situation CA law requires a nominal cash EMD of about $100 if I recall correctly), and some other states have some inane consumer protection laws regarding pre-foreclosure of owner occupied homes.Having said all that, if you are buying from a For Sale By Owner (FSBO), then I suggest using a 0% interest promissory note for the EMD, that is redeemed upon completion of the inspection period or upon contract assignment, whichever occurs first.