In my opinion, and LLC is your best option....That said, I am not an attorney, and the best advice we can give you is to talk with your attorney and tax adviser to make sure you are making the best possible decision for your situation!

I do say that my family lives on the POOR side of town by the train tracks because literally, the railroad runs about 3/4 mile from my house.

Michael,In all the years I have been doing sub2 deals, I have only seen one case of the DOS elected and it was because the investor decided he wanted to change the deal after he made the decision to buy....meaning he could not make the payments.What were the situations that caused the lender to call the loans due?

You mention property taxes, so please remember in California it doesn't matter what the taxes are, but what they're going to be, Upon transfer of title there is going to an adjustment from the old prop 13 rate to the current rate.As for out of state investing from California it would be wise to remember that we are thought of stupid people with more money then brains who will buy at top dollar or more because we base our decisions on the relative price differences.I was in the Midwest awhile ago in a place where anybody with $10 and a normal range IQ and a little knowledge should be able to make good money.

Is there any hope for someone like me with poor credit history?

Seller is the decision maker, agent is just a middle person.

It is the bankers past decisions that are now killing our present and future.

Buffalo is a great market and once the property is fully set up and you work out the kinks of a new property that was poorly renovated you honestly can self manage.

@Alisha GilliamWelcome to BP, and congratulations on making the decision to invest in your future via real estate.I have written a few blog posts that may help you get started here on BP, and with your investing.

It was a hard decision trying to decide which way to take this deal and ultimately decided to make a long-term play on it and keep it, I think I will thank myself for it in the future.