Not necessarily but I felt as though I didn’t need to spend more time there personally.

It's about being a person great mentors want to help!

I complemented it looking for more documents at the IRS site with Lance’s words and it was extremely helpful.Indeed, a multimember LLC can select how to be taxed sending a form to the IRS and, If taxed as a partnership or corporation, not be subject to FIRPTA because it is not a flow through entity (for this tax withholding purpose ) anymore.Anyway, I want to have a meeting with a real estate experienced CPA in the DFW area in order to clarify any details and establish an LLC with everything covered.

The person does pay her back and she did report the interest income. 

Should the landlord on the lease be our LLC or our personal names?

I am not sure there's any tertiary market in TX that is experiencing a shortage of inventory right now.

I personally want to use this strategy to lock in a lower interest rate on a rental property (being 20 years old with a small amount of credit history). 

If you have multiple people on the company, you ideally want the person with the highest credit score to have the most ownership percentages. 

Biggest thing is to make sure the agent and title company are competent in Seller Financing, I personally close my Seller Financing deals with a title company who has a real estate attorney on staff.   

If you are worried about being over leveraged first look at your personal debts that are not producing income for you.Remember that when you are increasing equity in a property you are only reducing the risk of the lender.