Typical is to have the building under contract and past physical DD, just to avoid the cost/time of setting up the LLC and operating agreement. 

Just to add a few more ideas, you could consider selling it with security system if the area is not ideal, the basic package for simplysafe is like $200 and from my experience people really love it (at least in my rental property). 

In 2013 I bought a 4-plex for about $60k in a rural area that (I was told) had been raided by the swat team because of a drug dealer operating out of it.

I need to insall a new gate in front of my property, for better security.

We do not have a security system/alarms set up.

I am a landlord that is interested in signing however it looks like Seattle rental law requires home owners to operate airbnb and restrict it to 2 units with one being as primary.

- And why would the bank agree to a transfer of the deed without a transfer of the mortgage since the deed secures the mortgage?

If anyone is currently operating in these markets I would love to connect.Thanks again!

If someone has a deal THAT good, in a market THIS competetive... it’s likely they have reliable financing relationship already well-established and the lender knows they’d be screwing themselves out of future business by screwing over a proven operator with an established track record.Are there anomalies?

One risk is that you could end up investing yourself into a JOB if you don't stuctire the day to day operations properly!