But anyway once we finally closed, he got to work on the foundation while simultaneously working on renovations to the interior of the house...I was lucky to have a very competent contractor who worked meticulously and quickly and this was all done in 3 months time! 

If ignored, the attorney can lose their license to practice Real Estate Law and closings in NC.

It's common practice for loans to get sold multiple times.

Laws change , etc ...We like to promote ethical and legal practices on here .

I would definitely be open to them keeping 10%(ish) of the late fee as would be customary of a typical rental income fee.Anyone have experience on this or can shed light on best practices for PM/owner relationships? 

Arguably, you can’t even sue to collect on a commission in this case, even if you have a signed contract.The second weakest position is being a licensed broker in the dealA middling strong/weak position is being the middleman in a double/simultaneous closing.A stronger position is to be able to take down the deal with outside financing and then “flip” it to an interested buyer.Finally, the strongest position to be in is to be able to complete the purchase yourself using only your own cash.Note that you don’t have to actually close with your own cash, or even close in your name.  

Yes it can be done and something that simplifies it would be doing a quit claim deed into the LLC that holds it, and simultaneously refinancing it into something with a new lender.  

. :)  I'm trying to get a better grasp of "best practices" for owning / managing rentals. :) Lease Terms: Long Term, One Year, Section 8, Six Months - does that mean "long term" for one year, and "Section 8" for six months, or does that mean, "Hey, as long as you pay on time, we're easy to get along with... two year lease, annual, Section 8, or short-term of six months... whatever you prefer, Mr/Mrs Tenant..." ? 

This is practical; takes 2x min to move in. 

Although I have been practicing real estate for the past almost 17 years.