Newbie..Help!

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Dear All,

I am newbie here on BP and it's amazing to see so many like minded people contributing and helping each other!

Here is my situation and any help is greatly appreciated. My friend & I decided to step into REI and our first property is a BUY & HOLD property. It's a bank REO property and bank accepted our offer.

a) Should we register a LLC and purchase the property on LLC?

b) Will it be easy to secure a mortgage with LLC ?

c) We currently have sufficient funds to downpay this property. But Is it advisable to downpay the whole amount on a single property Or spend our funds towards minimum down payment needed to secure mortgage and accumulate multiple properties ?

This is in NJ.

Thanks!