Ready to go (possible deal); A little guidance please.

[Tyson Dierschke]

Hey everyone, I haven’t really been active in a while since I sold my rental property last year. However, my wife and I have since found new motivation and come into a little money and now we want to capitalize and make things happen. This will be a somewhat long post, so please bear with me. I have been on BP and learning about real estate investing for quite some time now and finally feel that she is coming aboard. I believe we are ready to make some serious efforts to realize our path to financial freedom. So now here we sit with a small, but useable amount of capital and the will to invest, but a little lost. There is a deal available to us as we speak which I will get into shortly, but I feel it is unusual in the REI sense a would like to see if I can get some guidance on it. Where I am seeking help and/or advice here is in determining what to do first. As of now, we have around $40,000 available to invest in a deal or deals. Possibly more if absolutely necessary. We definitely would like to eventually get back into rentals, both long and short (vacation) term, SFRs and/or small MF. But, I hesitate to use up what we have now on acquiring rentals and not have any left to acquire more or do the occasional flip for capital. So what we were thinking is to reverse that and try to get in on a couple of flip deals first to build up some more operating capital and then start buying rentals with the occasional flip along the way. Although I would love to try house hacking, it’s just not doable for us at this time. We are also very interested in commercial investments and possibly boat and rv storage down the road, but the focus now is just getting going. With that being said, I’m not sure we have the ability right now to take complete charge over an entire rehab project. With full-time jobs and three little ones in school and involved in extra-curricular activities, adding any more stress to our current schedule would spell disaster. We are really interested at this point in going into a deal or two as a money only partner and banking or reinvesting our returns. We are also not opposed to taking part in a syndicated deal as long as the returns are good. So now for a few questions: 1. If you were in our place, what would you do? 2. How do I go about finding investors / rehabbers who may be looking to work with someone like us? 3. Should we start an LLC and a business bank account for our real estate investment transactions? 4. Should rental properties be bought under an LLC. Thanks for your time! See the next post regarding the deal mentioned above...