I usually don't dive into the land trust on the forums, but I have a few minutes this morning and will take a stab at it.Ideal Financing Option: When you purchase properties with the intention of placing them in an LLC, you can actually use the Land Trust to enable that.

The intent was to now suck as much cash out to try and do it again. 

NOT asking questions feels safer because you dont expose yourself or open up but in my opinion is more stupider or the most dumbest (*poor grammar intentionally*). 

No one who is an intentional investor can make the numbers work in VB.

I have pretty good credit and have been working to get into the excellent range by being intentional about my utilization ratio, etc, and that’s why this feels so emotional.

[Emphasis added]I'm unaware of any place in the internal revenue code or regs that states rents received in cash are exempt from federal income tax.Textbook fraud has two elements: (1) financial gain and (2) scienter aka intent to deceive. 

If your intent is to foreclose, this will stall your plans and you could get stuck holding the loan longer than you want to.

It is an off market deal, and the current verbally accepted offer has not put it in writing.I want to get my offer in writing, so she doesn't start marketing it to anyone else.Is a Letter of Intent enough, or does it need to be a formal offer?

You just need to be intentional when you do it.

Judging by what you proposed in your first post, if you plan on assigning contracts solely for profit with no intention to close, you might fall into the illegal category.