The challenge w/ this approach, if you're going to buy & hold, is your LLC will not be able to borrow any money.  

The goal of these standards is to ensure the regulatory approach keeps pace with the change in the market.

His thinking as to his goal of paying of other loans may not be the best approach as his payment now in an old loan are contributing more to principal reduction, his real interest expense is declining, even at a higher note rate his cost may be less.

I've been approached to purchase an off market 12 family apartment building in a popular Missouri vacation area.  

Do I approach the owner for any reason- try to see the inside? 

The amount of information here is incredible.

This deal is not going to be accomplished safely as most approach an option to purchase, your agreement could well be 100 pages or more, addressing terms of sale, how liens for advances are applied toward the purchase, your interests acquired prior to other liens filed, insurance assignments, that's not counting lease assignments, attachments of lease terms and conditions, maintenance agreements and schedules, authorization to encumber the property and to pay liens.

Sounds like a reasonable approach to me :) 

I am excited to be part of this incredible group of likeminded individuals and learn from your breadth of knowledge as I embark on investing and flipping.  

Incredible!