I’ve developed priceless relationships which started with a simple hello.

We, the LLC, want to keep things as simple as possible.

I imagine this is a simple answer one way or the other.

Get the party that wants to sell to assign to you his/her right to collect all expenses that the deadbeat co-owner has not paid (an Assignment is a simple one page document) and have the seller sign a Quit Claim Deed granting his/her interest to yourself or to another investor. 

What are the pros and cons of a seller wanting to lend paper rather than an outright sale?

Include a simple statement that all other terms of the original lease remain in effect unless specifically changed in this extension.

Cash flow for lower-tier props can look amazing on paper, but there are a lot of other factors that make real-world returns less impressive.

If it does do couple more times until I can show real investors not just family/friends that ive done it and your not investing your money into a novice.Granted advice here is just my plan on paper so take that for what’s it worth.

Cost segregation isn't rocket science by any means, and your properties sound reasonably simple.

Or because they can't find any paper trail for the conversion of a single to a three family then is the current use of the property in violation?