I would take over the day-to-day management and basically everything to do with them.

Each unit has a basic interior door connecting to the stairs and we hear everything from the tenant going up and down the steps to him cooking even his laundry machine sometimes.

Basically, i want stuff where i can hire a team and have them do this all day, all night.Thanks for suggestions in advance

In a land contract, you create a promissory note and collateralize it with the land contract.You need to consult an attorney for the specifics, but some basics I follow on land contracts are as follows:Record the land contract. 

I've already sorted through some basic numeric parameters via excel.  

I'm getting ready to get a property under contract, it's a 12-unit run down, beat up...basically a complete rehab top to bottom.Here's the story: In 2005 it was sold for $320,000 then in 2011 for $85,000 for some reason (I'm thinking the neighborhood) the owner of the property in 2011 listed it at 50k and it sold in 2014 a few months later it was sold again for 23k.The current owner is very open to negotiating price and even at 23k its well below every comp I've seen for the area-there are apartment buildings literally on the same street that have sold for around $135,000 is there something I'm not seeing? 

.$322.83/month Principle and InterestMonthly Cash Flow: $8.97I know This isn't a great cash flow deal, but I would essentially break-even until the property is paid off in 10 years if I held it as a rental.The other scenario, which I am leaning towards is to sell to an owner occupant with a wraparound mortgage.I could increase my cash-flow substantially, get a decent down payment, sell for a higher financed price, charge a much higher interest rate, and enjoy less management headaches.If I sold on a wrap I could sell for $39,900$5,000 down (tax refund time soon :)$34,900 amortized for 15 years @ 12.75% Interest = $435.84/month PIThis would allow me to make money on the front end ~$4,000 and make $133/month cash-flow.I could also play with the numbers a bit to make a higher IRR, but this seems like a doable scenario.Would you buy this?

Disregarded entity basically means that for tax purposes, the IRS doesn't really recognize your entity.  

You should contact a closing attorney in your market and ask them for a basic contract you can use. 

For example, find a good duplex, move in one half, and rent out the other side to basically live rent free.