Account Closed thanks for your response.Based on the scenario you outlined, does this mean that the LLC would need to be created before even purchasing property?

Lloyd, (972)248-2433Your note should outline FPI terms.For legal, pick up the phone and vet each potential tribe member for your market:-http://legalleague100.com/members

Smaller towns are usually outlined in magazines like Sunset

Is there a very easy to read document that outlines line by line what items from the HUD-1 are deductible vs depreciated vs ????

Revealing other offers weakens my seller's position not only for the reason you outlined, but also because it lessens the chance to stoke a bidding war.

I like your idea as outlined, but I'd make the rent the same as their PITI will be when they buy.

A lot of lenders will have a "tear sheet", or a 1-pager with their terms outlined.  

Absolutely you can do what you outlined.

That takes care of the mortgage and taxes, but does not take care of my initial investment of $23,000 and the other expenses I have outlined above in addition to maintenance and repairs that might come up. 

That would outline the terms of the lease - rent, security deposit, property condition at move in, lease end date, lease term and anything else that a lease should cover.