You would be better off using the BiggerPockets rental calculator and use actual numbers rather than the 50% rule or the 2% rule which are just guidelines or rules of thumb for quick analysis.

Just wanting to make sure all my bases are covered from a legal perspective. 

Let them threaten legal action. 

Though wanted to make sure I have a question answer and see if is possible for me to post, following BP guidelines and also Respecting the company I work with. 

My understanding is that these two should not be the same; however, I can see this being possible since an LLC is considered it's own separate legal entity.

I am not familiar with the laws in Texas nor have I ran into a situation like this but I would imagine you would need to involve a lawyer who specializes in land.Being that the owners do not want to sell the actual property the home sits on, I believe that would legally mean (*I am not a lawyer*) that at any time they could say "Hey I want to use or sell my land, get off it by tomorrow" and they would have the right to do since they own the land.Also, another hairy situation with that would be who pays taxes?

The good news is we are living a lot longer, the bad news is we are not prepared for it, and the financial and legal services industries are very traditional and slow to evolve.

In most states working with pre-foreclosures are sophisticated transactions that must follow specific laws and guidelines.

You might also get familiar with insurance rates, property tax rates, and FHA guidelines for condition if you plan to use that type of financing.

Reason being is some wnt sign them because they look intimidating, all the legal jargon makes people nervous . they would need to consult a lawyer etc.