First post. Looking for feedback.

[Matt Foster]

New to BP/ first time poster, so take it easy on me!  Here's my story...

I'm a full time Real Estate Agent in the metro Detroit area. 3 years ago, I partnered up with 2 other guys, formed an LLC and started investing. We each have very defined roles in the company. I handle the real estate evaluations, uncovering opportunities and the buying/selling process. The second parter is our project manager. Once we close on a house, he's responsible for putting a budget together and managing the day to day operations of the repairs. He's able to do some of the work himself but contracts out some of the bigger jobs. Our 3rd partner is the finance/tax manager. He has deep pockets and once we got further along into our business, would be extremely important in funding multiple projects simultaneously.

We started the company by pooling equal amounts of money together to buy our first flip in 2012.  We were very hands on trying to save every penny possible.  We did well, learned a TON and we were off and running!  Fast forward to today and we have bought 11 homes in total.  We've flipped 9 and rented out 2.  We've almost quadrupled our initial investment so I think all in all we've done pretty well.  

This past October though we were thrown a curveball. Our finance partner passed away.  At the time, we held 5 properties 3 of which were 100% privately financed through him. With his passing, we were in a position where we needed to finish the flips and buy out his portion of the business to his estate.  That's where we are still today and I'm here to pick up some ideas from this great community.  

We are in the process of negotiating a buyout for his estate.  With the 2 rentals it's a bit tricky to come up with a dollar amount but that's not my concern.  My concern is how to keep this business rolling forward.  The 2 rentals we have are worth just shy of $300k total (market value) and bring in a combined $2,500 per month.  For easy math sake, let's say the buyout will be $100k.  What I want to do is get financing through a bank and use that to pay off his buyout and keep both houses tenant occupied.  Next, I hope there's enough line of credit left over to purchase a 3rd house and keep this business moving forward.  

Looking for any and all advice what steps should be taken from here.  I've been consumed with this website for the past few days soaking in as much information as I can.  I didn't even know a community like this existed until just recently.  It's been eye opening how many alternative opportunities may exist for us but I'm still not 100% sure what the best course of action should be to keep this business on track without our deep pockets partner.  

I thank everyone in advance and look forward to being a fixture on BP.