I was presented with what appears to be a great deal for me, but I have never worked a deal like this one and could use some help.

The seller is obligated by contractual law to obide by contract, but s/he still retains legal title.The economics of this property appear to be fine.

@J Scott seems to have lot of integrity and appears to understand the problems with  the "Gurus/Mentors/Coaches" programs marketed to the newbies and those wanting to enter into REI.

By "not a requirement" I mean it doesn't appear in the IRS code or Tax Court cases as far as I'm aware.The people saying landlords must issue a 1099 are likely dealing with a conservative CPA.

To abide by municipal ordinances, to keep the neighbors happy (so they don't claim to code officials), maybe to give the appearance that the property isn't vacant (although anybody with a clue could see the posted signs that indicate otherwise).I don't mind when the property preservation team continues to mow the grass after I have bought at the auction :) Saves me from having to pay to get that done.

I've been reading through the pre-information from legacy and it appears to be dated and repetitive with other materials I've read from them.  

You have to get the title AND THE DEBT to be in the S corp, and not appear on your credit report.

In your case, these people appear to have been "clean" for 8 or 9 years. 

The first set of numbers appears to be a hard-money loan.The second set of numbers we are not clear on since there do not appear to be any loan terms.And yes, lower LTV would be better for the lender.

I'm trying to consider all factors - appearance, renters preference, price, durability, etc.