Anthony, You didn't say if the property is under an llc, if so then @Simon W. is correct about the accounts. if the property is under your name and you are just forming the management llc, then you will need a checking account for that company an account for the security deposits. i recommend separate accounts from your personal account for the business, it helps for many reasons. that said, why do you want to start an llc for the management co ?

I've even reched out to others to try and network or point me to the right direction...but for some reason I'm too scared to take the chance.

Not trying to generalize here, simply talking from experience.I actually bought the building for a reasonable price.

Beyond what you had mentioned is there any other reason you could think of that it might not make more sense to refinance?

If you can find a reasonable place to rent, it might pay to postpone buying a home until you get a bit ahead financially.The Total Money Makeover by Dave RamseyI know his views can be seen as extreme, and I am not sure that I would not get into debt ever at all, but I still think focusing on getting out of and staying out of personal debt (that of course, does not cashflow) is a great way to pave your path to wealth.If you have not read these books, I highly recommend you do, and listening to the Money Show here on BP will also give you a wealth of information regarding personal finance and Financial Independence.Best of luck to you!

The reason for this is to ensure that your 1031 exchange will always be complete before your report your taxes for the year of your sale.  

Hey Bigger Pockets members,My wife and I live in Mesa AZ and are hoping to get into the real estate business for our long term retirement. we have time on our side as we are 26 but there is no reason not to start now.

Aren’t the $200* per month for cap ex and 10% I take out for repairs sufficient to cover those expenses?

It was so time intensive for a few reasons, although everything was relatively close to each other I spent a lot of time running between units doing a lot of low dollar tasks.

Flores on your "Success" you are the very reason many states are now requiring a real estate license if you buy and sell houses for a living.