The rest is just ethics which no LLC operating agreement can replace.

(S-CORP) one member.LLC formed in NV, operating out of FL.

In almost all seller financed deals, the seller is not a trained underwriter.  

My company operates exclusively in Indiana and Florida tax sales.  

@Mark W.Virginia is a very intensive legal state in real estate transactionsI would definitely consider getting my realtor license if I'm going to do this kind of business in VirginiaUnderstand that you can't guarantee that the tenant buyer will get the mortgage and I would have a registered mortgage loan originator look at every single tenant buyer applicationTaxation of option payments are not involved in lease purchase arrangements, they are earnest money agreements, not option money agreementsIf it was a true option payment, the money is taxed when the option is either exercise or expiresI train in leases, options and other kinds of agreements but I would recommend that if you want to do these transactions, you get licensed

The seller is currently running $37,000 in operating expenses. 

hello,I am not a foundation contractor but I am a handyman I operate out of Canon City.

One has done quite well and the other I just got earlier this year and am still "training" the tenant.

Investors know what their purchase price is, the rental income based off the tenant's lease, and the operating expenses (property taxes, insurance, management, hoa).

My comments here were to encourage all to move forward and learn to operate at the highest level and be successful.Come see my latest deal at "my first mobile home flip in Southern California" on bigger pockets  I picked this home up on short sale for 50.13% of ARV.