Hello I am actively looking for my first real estate deal. I am in long island new york, and looking for a rental property while I am still leaving at home. I have enough money saved up for a good down payment. Mostly...

This approach is solid and true in a buyer's market but not very realistic in a seller's market. 

But I guess from what you guys are telling me this is not a buyers market and I should just wait?

BUT it would also be pretty easy to put an entry door there (it's right off the driveway) and make a mudroom.I imagine that whether we decide to rent or sell makes an impact on the decision... my gut says that renters can deal with not having a mudroom, but that buyers might really want one (I know I did in my house, had to add one!)

The incentive for the seller (who's already had one deal go south b/c of buyer financing issues) is a quick close during a slow time of year and no bank headaches.

Could the seller put the assets into an LLC and then allow the buyer to purchase the LLC over an X year period work? 

Day one I have three leads and meeting a cash buyer in the morning to "write up a contract" of course that doesn't mean it's going to happen but hopefully it well.   

All but one gave the buyer the right to inspect within a short period and back out if they were not satisfied with their findings. 

The offer involves a buyer who want to use an FHA loan.

I've read that if you have a good deal then you should be able to obtain a buyer with no problem.