Joint Account Options/ Financing

[Andrew Besecker]

Me and my partner have recently set up a LLC and we are looking into options for a joint account to combine our money for our future purchases. What would some of you seasoned REIs to suggest which is the best type of account to set up and use? We will be looking at Single and Multi-family flips. We are starting off in the $30k range and looking to work up from there.

Considering that amount is a limited amount to work with we also need advice for financing. Is it our best option to pay for the home in cash and be able to take out a lien against the property to do the improvements? Or would you suggest to finance the home at 70/30 LTV and use our remaining cash to finance the improvements?