Hello Murray, Assuming the new owners are interested in selling, you'd want to offer enough to help them cover their transfer taxes, legal/title fees, other closing costs, and possibly their moving costs. 

Keep in mind that the contractors will likely charge you more because it does delay the process and their time is worth money and the permits also cost money.

We fought for this for several reasons: 1. tourism is our main economy 2. there are an incredible amount of dilapidated homes that could be renovated and made beautiful if the investment return justified it (which STR in a beach town could) and 3.this is a family-friendly, lower-cost and now COVID friendly way to travel. 

Now I may be able to get a loan on the property, or other ways to buy the property, however, both of them will require closing cost.  

My wife called and they said they would actually let her assume the loan somehow, just a $900 assumption fee and closing costs.

Also, I would like advice on whether I should set up the new LLCs or have an attorney handle that.

All the best,Diego most of the good ones won't touch less than 100 units and even that is for new construction. hate to be the bearer of bad news. we are looking at ground up condo deals with entitlements and I reached out to a few HOAs based on larger towers and the best will cost more than it'll be worth.

No LLC Needed: This keeps things simpler and avoids the state income tax associated with forming an LLC in Tennessee.Steps to Set Up Tenancy in Common:Purchase the Property: When you buy the property, instruct the closing agent or attorney to list both of you on the deed as tenants in common.Draft an Agreement: While it’s not legally required, it’s smart to have a written agreement detailing each partner’s responsibilities, the split of profits, and how decisions will be made.

Unless you're filing the tax returns yourself (not possible to e-file a partnership return if not a preparer), then the cost is usually a large barrier for a lot of people as they're starting out.

Also any cost that I may need to consider to pay upfront other than the land it self (i.e. survey, permits, etc)?