Additionally, an LLC can make it easier to separate personal and business finances, simplifying tax filings.Quick Tip: Work with a tax advisor to determine whether an LLC is the right structure for your investments.4.

In fact, New Jersey law prohibits you from listing personal identifiers on the form. 

While personal circumstances can vary, it will be a unique situation indeed if $10K in debt should force you to declare bankruptcy. 

@Camille Romerounless you are able to spend some significant time in your chosen location in person, and work on building a network there, i would pick a market closer to NYC, within a couple hours.  

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Do you have other collateral, such as another income property or your personal residence (last resort) your seller could record their lien against? 

I have personally invested in both turn-key and value-added properties. 

I've walked their properties in-person, and their build quality is good.

I personally find that half the battle is just getting myself to write down & track progress

Its not often that the sales person is also very good at management.