About to put our first MFP deal under contract...what comes next?

[Lindsey Kocher]

Hi all! Our LLC is about to purchase a pair of adjacent duplexes that we plan to manage ourselves as part of our learning, as we are new to the industry. The would be our first "dedicated" investment purchase.

Listed for $189 each
Offering $315k for both, but 2 loans

- Coc Return is 15% (HOME RUN BABY!!)
-  3/4 of units "updated" but don't get to see until contract signed.  The one unit viewed needs probably <$10k to turnover.  
-  One building with new roof this week 
- 3 units currently rented, 2 of which are currently section 8

Planning on using self directed IRA for 20% down, and a DSCR loan estimating 7%. I sought seller financing, but they declined (don't think they're fully informed on benefits)

Validating taxes, insurance, seeking pre approval letter this week.

Plan on raising rent $50-100 but wondering the challenges that might arise since both are section 8.  

During due diligence/inspection - what the primary information I should be seeking from the seller in terms of financials? 

Should we wait to purchase under LLC until any and all updates are complete?