I actually work with an Insurance broker that I know the owner personally, so i've ran several scenarios by him on this and he says there are no issues whatsoever.  

We don't have these in MD but maybe you can have different owners of the different LLCs in the series.You say you have "passive" investors.

Spring may generally be the best time, but remember nobody can forsee the future.Or build a 2fam yourself and flip it to an owner-occupant come spring :)

I did go driving for dollars and found 2 properties that I am going to send letters to the owners so it wasn't a complete waste of time.

When selling a property via owner financing are there any terms beyond the obvious (price, term, interest rate, late charges, ect... ) that I should have my attorney build in to the contract?

The bank is concerned that they might do something wrong in the foreclosure process and want to protect themselves by shifting these problems to the next owner via quit claim deed. 

I look up the old addresses they sold and contact the owners for a real review via Facebook or LinkedIn.So far I haven't been able to independently identify a happy turnkey customer.

The thing about this neighborhood is it is not a mobile home park, the lots are big, and there are a few lots with very nice brand new brick homes owners have built, and others with older homes as well.

Does anyone have any experience buying subject to owner financing in Memphis?

Does the 20 years start over with me, a new owner of the land?