The best advise that I've encountered has been right here on the forum.

I'm loving all the good advise, scenarios and just plain learnin' here.

Thanks in advance for any help/advise!

But any advise or what I should look for would be helpful and much appreciated.

You'll want to talk with your CPA or tax adviser about this.

John's advise is good as always.

Depending on your state a land contract might be better.Very quickly you will be running into details where a RE attorney would be advisable unless you are really confident of your RE legal knowledge.

So I should get all the contracts ready prior to talking with the lawyer, once I have them on paper, have the lawyer look over them and advise on any changes that need to be made.

The LLC structure changes little for the tax preparations.John CoreyWith our scenario our cpa is also an attorney who hold multiple degrees and soon an mba so he provides competent advise based on our overall goes.

He will be able to advise you on the pluses and minuses of your POTENTIAL investment before you spend a dime, and give you realistic operating Pro-Formas based on the local market to help you decide "What's a deal?".