2- IF only $30K is labeled & considered OPTION CONSIDERATION funds paid for the OPTION (thus Not immediately taxable) What do you call or or would be a proper way to DESIGNATE the other $30K in funds given to the Property Seller?

To add to what @Jonathan Greene wrote:1) Understanding the local market, so you know what Neighborhood Class your building is located in, what Class your Building is (condition & amenities), and what corresponding class of tenants will be attracted.2) Using all this data to properly set your expectations and a realistic ROI.3) How to better screen prospective tenants, including catching fraud, so your property performs better.

The applicant with esa/support animals pays nothing to sign up and petscreening will verify that they are properly registered as such and that they are not trying to claim that they are and save money on potential extra pet fees/rent. 

Taxation can be all about the operating agreement.Short of a proper operating agreement a two member LLC must choose to file as a Partnership on Form 1065, C Corp 1120or S-Corp 1120s.Changing title when the property is mortgaged is another issue.

We didn’t accept the payment and requested proper payment.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

If not, Proper, CBIZ, Foremost and a lot of others offer them.Get it listed on AirBNB and VRBO.

Many people say "I know for a fact none of my family has judgments" but family members regularly do not discuss their financial problems with other family members, may be unaware of legal issues and their standing, and there also could be fraud.You should also consider any prior spouses among the parties that ever lived at the property as a marital interest attachs regardless if they were on title unless resolved by express court decree (in which case former spouse should join the conveyance).An attorney is not required - though you will need a properly drafted deed, GITREP form, and affidavit of consideration to record.

If you buy it for investment, you should do the proper due diligence to understand the situation of that property, how much is rent for?

All through my business portfolio that I created on my meta-business suite that they manage and help create the proper way.