We are getting through all of the paper work right now but within the next week we should have our LLC formed and funded.Now that we can finally focus on finding properties and not the structure of the company it is starting to feel a bit like we are forgetting something.Our team includes:Acquisition:I am a realtor so I have access to the local mls; my partner and I can narrow it down to a few properties of choice.

I do understand the term "AS-IS" but HUD represented that they were selling a house, not a lot with a tear down structure.

This whole method sounds complex and I just need to pay my personal bills since I am not currently employed.

Maybe the 2nd structure does add substantially to the premium, my building just has a parking pad so I have no experience.I use John Anda @ Farmer's [REMOVED].

However, if you are hiring a financing consultant to structure and/or package your deal, then fees are ok.  

Look for owner finance, lease option or other creative financing method.

I know forming an LLC is the way to go and what we would end up doing but I want to gain a better understanding of the logistics of a deal like this and if anybody has structured any similar deals.Keep in mind I would also like to make (and keep) my investor happy as this is my first flip!

Just to be legal (in CA), you need write to the tenant that you're cancelling the card, and give them the new method of payment in advance.

These homes are not conventional and you need to get with someone familiar with these structures, imo.

I'll probably go with the $100 over one-month rent method that several of you describe; that sounds like it will also help with the "apply deposit to last month's rent" problem that I've read about elsewhere.I'll look at the various sites that you all mentioned, and see what numbers look like.