So while I may not be quite ready to pull the trigger on a first property, there's nothing here forward keeping my hand off the trigger either...

NEVER SAY: "I have a contract for you to sign," thereby automatically triggering a distancing reaction, feeling of needing to 'consult with an attorney,' etc. in many people...)

What are the red flags and other considerations I should be making.The agent told us that if the package was appraised, it would appraise around $500K so there is equity built into this deal.Ramsey

Today I am considering pulling the trigger on a luxury vehicle .

I have a tenant who's brother came over and did considerable damage to doors and walls.police were involved. landlord rights and tenants rights were to go with this.any info would be a great learning tipIn Rhode Island

We are still regarding conventional and private money lenders in that consideration factor?

What other considerations should I be making/being aware of when it comes to Lease Options?

if you do and go to change the Deed to the property to say the LLC now owns it AS @Deren Huang suggested, that could trigger a due on sales clause in your loan agreement. some banks may look the other way and not worry about it, but there may be a chance that if you do that the bank can call the loan note, claiming the property was sold and want the loan paid. but with out changing the deed forming an LLC would be useless for it's protection because the house would still be in your name. then you might as well leave it under your name and get an umbrella policy to protect you as Account Closed suggested.

With any entity consideration, it's always good to consider things from 1) Insurance, 2) Taxation, 3) Legal, 4) Financing perspectives - would be fun to get your attorney, insurance agent, banker/mortgage broker and accountant together in a room and get the lowdown on S-corps, LLC's, trusts etc, to see how they consider each of these from their viewpoints!

There is considerable crime and the houses are usually in reasonable states of disrepair.