You're correct.

For a single family property, you will have to hold more depending on the current condition of the property, expected vacancy and expected CapEx (for example an HVAC unit which could go out in the next year or two).There are a ton of people who have been waiting in cash on the sidelines for a large market correction for the last 5 years.

@Scott Luetgenau based on what you said, im guessing you would be refinancing the property in your name, not a LLC, correct?

All of these deals were done between Denver, CO and Orlando, FL.We = Me, My partner who is also 22, and the team we built.My 2018 in ReviewPurchased  ~$8.6M worth of real estate across 35 properties for ~$5.7MWe sold and closed on 20 of these properties in 2018 for a gross profit of ~$1.15M after realtor commissionsand we still own 15 of those properties with about $1.2M in equity, all of which are scheduled to be sold and closed in early Q1 2019.Total Equity Created in 2018 was $2.35MTotal Equity Realized/Cashed Out was $1.15MTotal Equity in Assets We Still Own is $1.2MWe acquired the majority of these deals off market through our own marketing, and bought three of them off of the MLSTakeawaysYou can buy your first property before you're 25 :)Leverage is a powerful tool if you use it correctly (we stay under ~70% LTV across the portfolio at all times)The reason this worked is because of years of experience in off market acquisitions and an up market. 

I didn't actually end up getting a mortgage on the place but if I remember correctly Bank of America actually will write that low.

It can be taxed as a Disregarded Entity, Partnership, C Corp, or S Corp depending on the ownership makeup and election made.You are correct that Canada treats all US LLCs as corporations for Canadian tax purposes. 

That being said from my understanding yes you are correct.

Correct. 

Please correct me if I'm off but I am around 10k-15k capital right now.

Hi, I'm looking for assistance with getting my chart of accounts setup correctly in QuickBooks.