$15k is the minimum.

@Brandon Sturgill Freddie Mac has a minimum loan requirement of $1M .... still struggling to get the loan done

1- It's customary to have a "landlord policy"...I use Allstate and after group discounts it's only $46/mo with state minimum coverage...property is valued at $145k.

Since 2/4 of the units are on month-to-month agreements.

Chase, Bank of America, etc) usually in the form of 5/1 ARM with 20% down minimum.

However, if we are all-in for $24k and rents are $1,000 for 3/1 comps in the 1,000 sqft range and could push $1,200 to $1,400 one could argue we have about $100k of building expense to break even with the opportunity for at a minimum $25k gross on a flip as an alternative strategy.

Another option I have considered in doing a lease option agreement but Id hate for the market to take a turn by the time I sold.

We had legal agreements both as a TIC, and later, as a condo association (with association dues). 

While my business is in MA, all my rentals and my residence are in NH - so......After you set up the LLC per the instructions above, you'll still need an operating agreement, which most people skip. 

Can I hold them to our agreement of two years ago?