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?".

I've gotten advise from friends that are either multiple property investors or rehabbers.

Did anyone see Schiller on tv last night advising home owners to stay put in their homes and if they own two or three-selling so not to have so much "exposure".

You can advise people to consider the banks legal obligations when negotiating, all you want; And I'll continue to tell people to out-compete the other 10,000 investors in the area.