In order to do this you have to get a lawyer to draw up an assignment contract for you that will cover all your bases.

It's almost complete, and a lawyer is currently working on the by-laws.  

Postpone the closing and have seller pay for your accommodations, storage, extra cost for move etc.Turn this over to your lawyer to manage.

I know you're not a lawyer but if I had my real estate license would you still consider this a grey area?

If you have a property in an area where you can command a Copacabana type rent, I would at the very least have a property lawyer draw up an iron-clad rental agreement.

@Danielle SpearsI'm no lawyer, but I don't see why RE agents would be barred from being owning a business.

Anyone know a good RE Lawyer they can recommend in St.

I'm not a lawyer, but I have heard from several investors that even if you set up an LLC outside CA you will still need to register with the CA franchise tax board and pay $800. 

That is a great question for your lawyer :) but the way I understand it, as long as you have an established relationship with your partners prior to the investment (and other criteria), a syndication isn't required. 

However, I am hoping that a few more experienced members can PM me to provide some advice.Background: I am a corporate lawyer that started purchasing investment properties a few years back.