I'll defer to the lawyers on the LLC piece / one bank account ha. 

And if everyone is satisfied google "real estate lawyer (your city)" and call them up and ask if they have experience doing seller financed sales.

Time to invest in a friendlier city or lawyer up 

Quote from @Marvin Bracamonte: Anybody know a good R.E lawyer that does a living trust & what is a good price range??? 

Whenever a tenant tells us that they are going to sue us or hire a lawyer we simply tell them "You are welcome to seek legal counsel to assist you in this matter."

Your agent or property manager may have one or your lawyer can draft one as well.Key points that are in mine are security deposit information, lease terms, who takes care of what, who owns what, any outstanding bills (such as water, code violation or repair chargebacks) and any repair requests submitted to the seller/current landlord that haven't been addressed. 

In my state the Law is clear I am not responsible, scumbag lawyer sued me as the deep pocket anyway.

You also need to have a lawyer review your proposed deal structure and draft air-tight documents accordingly.

I think my next step is to get a lawyer to help create a framework for this, but any insight from your experiences would be helpful. 

The seller signs a new deed with your name on it and that is put into escrow with the title company/lawyer.