When you say remodeled, do you have to pay up to get it?

So, you pay on it when you draw it and use it.

Since you are just graduating college you may already realize that it's not what you know, but who you know (as a personal note, I had college friends that were barely passing their classes however they ended up with really good paying jobs due to "who they knew").

Who pays the closing costs on these deals? 

You can simply go to the County clerk of court and in most cases simply fill out a "Quit Claim" form and pay the recording and admin fee which is usually anot much $100-$250 in most cases. 

If your buyer isn't able to overcome the challenges you've faced are you able to service the existing mortgage, pay out to do the foreclosure, etc.?

They were paid off in addition to the homeowner, and I pay the mortgage (PITI).

Do you or they normally pay for screening?

What is my next step (what contracts etc do I need) without involving realtors so I don't have to pay extra fees to this and that person?

So I am not the smartest person and some of the helpful replies in previous posts was above my mental capacity.My situationI own a home (homesteaded in FL) and have 2 roommates which help pay the bills.numbers - mortgage left 155k, home value 330k, current interest rate 4.125% on conventional with 24 yrs left on a 30 yrmonthly payment with HOA $1600 pcmI am wanting to either1) turn this primary residence into an LLC and purchase another property to move into and start the process again with the aim being to rent my current house out on an annual 12 month lease for at least 2 - 3 years as I was told that as long as I lived in it 2 out of 5 years I can then sell without paying capital gains (though this confused me and anyone wanting to teach this to me like im 5 years old would be greatly appreciated).