If its four months from now, then explain to him he's going to be evicted, will have a record, and it will go to collections for all court costs and rent money owed, to the penny.

After that, the lender may use a private auctioneer to auction off the property and try to recoup as much money as possible.

Let's say you split the cost of furniture over a 12 month period amortization rate.Furniture costs: $583Rent $1500Utilities $150Total Cost = $2233After vacancy costs, your monthly rental revenue is actually only $2240 Formula for vacancy (2800*12)*.80You're not making money. 

You also need to consider that at a lower percentage of money down you will be paying a Mortgage Insurance Premium or MIP. 

I assume any painter / handyman doing your turnover could do that kind of touch up in almost no time for almost no money.  

But do look at the shiny penny and spend big sums of money to learn.

Private money brokers can add value by thoroughly vetting lending opportunities and prioritizing client success over commissions.Stay Vigilant:Protect yourself and your clients by remaining vigilant and conducting comprehensive due diligence in all lending activities.

In terms of finding a partner, I would recommend partnering with someone who has something that you don't have (understands renovations, real estate experience, has money, etc.)

As these sub single member LLC will be disregarded for the IRS the only tax return will be for holding LLC.The piercing of the company veil is a concept that if you don’t treat your LLC as a separate entity (failure to maintain its documents, registration, commingling of money, not signing as the LLC, etc...) it will show a judge that the LLC was only your alter ego and he would deny any of its liability protection (inside and outside).California is a state that requires that each LLC owned by a resident or doing business in the state has to pay a $800 franchise fee.

If you really wanted to invest there, you would be wise to do 2-4 more times, meet some local investors and out-of-area investors.