As a local investor and agent here in Columbus, let me know if you have any questions or want to connect!

Instead of denying them, can we refer them directly over to the owner for them to sign a lease with the owner who is willing to effectively manage the contract, payment and relationship BUT would still want to retain us (albeit for a lower fee) to deliver ONLY guest and property care activities (guest communications, organizing cleaning, lawn and pool care etc). 

To protect the purchaser of the wrap-around mortgage, Texas Senate HB 43:provides for wrap payments to be held in a constructive trust by the seller for the benefit of the buyerestablishes that anyone collecting or receiving a payment from a wrap borrower in connection to a wrap mortgage owes a fiduciary duty to the borrower for the paymentsdiscloses the nature and risks of wrap transactions to buyers and offer consumers the right to rescind transaction/agreement when disclosures are not made timelydefines “wrap mortgage loans” as a residential mortgage loan:made to finance the purchase of residential real estate that will continue to be subject to an unreleased lien that attached to the property before the loan was madesecures debt incurred by a person other than the wrap borrower that was not paid off at the time the loan was madeobligates the wrap borrower to the wrap lender for payment of debt, the principal amount of which includes the outstanding balance of the debt and any remaining amount of the purchase price financed by the wrap lenderclarifies that a wrap mortgage loan may only be closed by an attorney or title companyprevents “house flippers” from registering as financial service providersprohibits a person from making wrap mortgage loans unless the person is licensed or registered to originate or make residential mortgage loansThe new law goes into effect on January 1, 2022.

It is not impossible, but building a team that can communicate effectively is going to be key to getting this one done.Good luck!

But at this point do not want to get too much ahead of myself.So, basically, keeping my current situation in mind, how to form an LLC, any specific type (cost effectively) and move my property into that LLC and eventually all my finances too.

Depending on which program we look at, we may or may not need to take a look at your DTI , 30 year terms are available.Let's connect!

As an investor and agent here in Columbus Ohio, if you have any questions or want to connect, definitely reach out!

Let me know if you want to connect about that. 

I've gotten a few of these done, let's connect if you are interested.

You're more likely to find LTR owners who want to convert to MTR because they are effectively the same rental experience and management for an owner, just with (potentially) more frequent turnovers.