I am 36, married with 2 kids, and have realized that I need more out of life than a boring 9-5 job that gives me no joy.

.- The LLC, which has no credit history because it is new, gets a loan based purely on Mike's credit score and history, since Joe's is bad / non-existant.- The LLC is listed on the title- The LLC's partnership agreement essentially states that all income and expenses related to the property are Mike's responsibility.- "Income" includes all gross receipts generated by the property ($1,000 pm)- "Expenses" could then include mortgage and running costs ($800 pm) in addition to a $200 "management" expense (or similar) to Joe.- In effect, Mike's net Tax obligation would be zero (until the property was sold), and Joe would get an income of $200 per month.

It is always good to know that others are experiencing the same joys as you are.

Apartments are a purely income play, and are priced based on their ability to generate income.

This is purely a numbers game, some talent but mostly numbers.Good luck

Purely, due to the fact that the REO is now a liability. 90+ days plus should be a starting point.Private lenders, pre-foreclosures(use for identifying property, make reserve bid never know may get it, most auction properties go back to banks anyway) and auction liquidating brokerages(most effective when looking for multiple properties).Right now there's a huge inventory of REO's new one's hit the market everyday may be a venue worth for you to pursue

The joys of ownership.

Andy Andy1 - Without knowing more details about your situation, goals, and strategy, nobody could possibly tell you if you made a right or wrong decision here.That said, from teh info given, and from a pure cash flow standpoint, your decision was a poor one in that your acquisition cost of $174k and your rent of %1670 monthly amounts to below a 1% purchase price to rent ratio which equates to negative cash flow.The numbers you posted for cash flow are in a dream world where you never have any other expenses other than debt service, taxes, insurance and HOA.

I'm not a lawyer, and you may want a lawyer to get good contracts.Write your lease purely as a lease.

( this would significantly lower your cashflow but if you find a good company would allow you to purely focus on acquisitions )