Be very careful and seek professional legal advice. 

I make sure to include the following at the end, so they know it's not legally binding (which nothing usually is until a contract is signed, but we live in a litigious society so....Scott, if I outline the price in the LOI, does that price meant that is the price I am seeking to purchase the property for?

I am looking to acquire primarily single-family properties as well as provide more value and insights to investors seeking the same strategy (I am an agent fulltime).

If it ends up being too much of a burden I will seek out a property manager (we budgeted for this when we analyzed the property).Overall it's certainly possible to self-manage from a distance. 

If you are seeking out asset accumulation and equity appreciation over the long term then there are certainly fortunes to be made.

Eventually if you do this well enough you wont need to pay for any leads, they will seek you out. 

I am looking into a few multi-family units in Galveston currently, however, the rental market seems to be relatively saturated with many more active listings than I would have thought.I am personally seeking long-term rentals as opposed to Airbnb or vacation rentals; I am just unsure if this is a realistic approach for this particular market. 

I am seeking a real estate attorney in the state of Maryland whom could aide me in putting a couple of properties into an LLC.

I'm not too familiar with how they necessarily differentiate with one another, so would be great to better understand who I should be trying to seek first.For context, I'm currently beginning my journey to invest in multifamily buy-and-holds in NJ, particularly in Northern Jersey (Hudson County).Again, really appreciate any insight from the community here.

and want to take that loss as ordinary and not capital.Do you take the advantageous tax treatment, perhaps rightfully so, and expose yourself to failure-to-file penalties for the 1099s?