There are many ways you can recast this deal. first things first, close the deal with attractive seller financing. ask the seller to add settlement cost into the mortgage. consider some of these in your mortgage conditions ( put some or all of these terms in your offer) make sure you understand the value of these clauses - if not, give me a call glad to chat.1. put a subordination clause in the mortgage, this will allow you to get a new first and have the seller financed in second position.2. have a pay-off discount of 5-10% so if you get a new mortgage or sell the house you can discount the seller mortgage, this could save you thousands of dollars.3. have the mortgage secured by another property you own - this will make your property free and clear, now get a new mortgage, keep the proceeds or use it for renovations.4. have a stutter clause, this will allow you to miss one payment a year.5. have a first right of refusal in the mortgage in the event the seller (mortgagee) try to sell the mortgage at a discount, this gives you the option to benefit from the discount.6. the mortgage should be fully assumable without qualification with release of liability. this makes your resale attractive since you have financing built in.7. ask for a delay in making payments (6 months) this will free up some of your cash for renovations. good luck  with it -- Charles

To protect myself I have requested quotes for general liability insurance.

My guess is that the 20 acres will be a liability unless there is a way to subdivide and sell of most of it. 

I'm going to use this service right before we make formal offer because buying inspection for all those properties for $400 just to find out we have to walk away because of major repairs needed wouldn't be feasible.The biggest difference is liability.

@Kyle M.As a non-attorney, I should not comment on legal issues, but I believe that attorneys will suggest LLC 2, to separate liability.

Im about to turn this liability in to a asset and keep rolling on ........   

Our tax due is quite substantial, but if my wife were to be able to declare herself a RE professional, our liability would go down substantially as we have a lot of passive losses this year (thank you syndications). 

This means you are still getting the same protection, but since the Land Trust is the owner of the property you don't have to mess with the foreign filing.In regards to Series LLCs and states that recognize them or not, the issue comes down to each specific state recognizing the "internal liability shield."

When it comes to leased systems, they're at best a wash and at worst a liability when it comes time to sell.

I guess what I’m saying is is the mold inspection letter going to draw the line in case of liability issues?