We've pretty much taken the stance with the listing agent that we're not interested in buying it with an illegal tenant, and that we'd need either a legal CO & agreement of rent increase within 6 months OR that the tenant leave before closing to move forward.

. + there's a trick, the LB will sell it to you for a low price... in exchange of your signature on a development agreement leaving you with a 6 months to 1 year to do extensive (and expensive) repairs to bring to properties up to code.

You can market the rights to real estate you have under a purchase agreement with the seller (with the seller knowing that you are assigning the contract to a buyer).

We make it very clear that tenants can stay as long as they like if they are paying the rent and following the rental agreement, and that we will not increase the price to or above market. 

Also read the MO Agreement of Sale483/16/2021Stone Cold Day493/17/202112:45 PM1:00 PMEmailed Tyson about the property on Dunnica that looks promising503/18/2021513/19/20217:50 PM8:05 PMSent Tyson an email about getting in to Dunnica and a house he sent over on California523/20/20218:05 AM8:20 AM533/21/20212:00 PM3:30 PMVisited 3400 Dunnica and two properties on Califormia543/22/20217:45 PM8:00 PMAdded a 10 year cash flow and CoC ROI column to my spreadsheet553/23/20217:05 PM7:20 PM563/24/2021573/25/20215:00 PM7:30 PMStL REI Happy Hour583/26/20216:05 PM6:20 PMFilled out most of a loan application with Flat Branch, but then got nervous I was actually applying for a loan as opposed to a getting a pre-approval593/27/2021603/28/202111:00 AM11:15 AMWalked through my spreadsheet with Tyson613/29/20217:50 PM8:05 PMSpoke with Jacob Day from Flat Branch lending and confirmed the application was just a pre-approval so I submitted.

I'd maintain control, and the operating agreement would be such that if we don't pay me $x/mo, he could take full control/position of the LLC.Alternatively, I could stand up an LLC and have the seller make a $75k loan to the LLC with terms, and acquire a commercial loan for the remainder.

I recommend talking with a lawyer and making sure you don't just have your LLC created correctly but also have a flushed out partnership agreement to address issues that will come up in the future such as what if one of you wants out of the deal in a year?

Hey BP-I just sold a quadplex and my PM is considering the sale as a termination of the agreement for that property.

Once they have a property under agreement then go shop it to a bunch of lenders to find the best mortgage.

Review their management agreement.