And when you do a lease for MTR, you'll need to put that in the lease in case they stay through high season, spelling out exact prices for each calendar month, so there is no confusion and it is legally enforceable. 

An LLC is useful for two things: anonymity and legal protection.

Purchase price: $330,000 Cash invested: $15,000 Legal 3 Flat (that was not for sure in the beginning).

Most are fine with that, but a few will have problems with it and claim there are legal issues, etc..

First, the tenants signed a legally binding contract and do not just get to walk away on a whim.

You definitely want a legal agreement that's forecloseable, getting as much front money as possible so that you're not just in a lurch with nothing if/when they default, and you should get better interest terms for "being the bank" AND I would qualify the buyer just the same as if they had to go to a bank, because you want to know who your partner is in this deal.

Purchasing in your name might be simpler and cheaper upfront, but you’d be personally liable for any legal issues.

Do not rely on it as legal advice.

I'm really concerned as I purchased his power flipper 3x program and still haven't been able to get deal approved.

The process is very involved as you'll have to navigate pre-construction activities that involve architectural plans and approval from the city and then the construction activities (Shovel to soil) take anywhere from 5-9 months depending on how much your building.