Fannie Mae will allow you to transfer the deed to an LLC if you decide to try to go the conventional route, but the loan would still be in your names and you'll need to pay a title company a second time post-closing to do this  for you. 3) I can't speak for the area so no comment there4) If you're self managing, make sure you find vendors you can trust in the area since you won't be able to easily verify if an HVAC guy, plumber, etc. is trying to rip you off and tell you to buy something you don't actually need. 5) Make sure you have clear alignment of goals and a clear operating agreement that spells out what to do if those goals start to not align in the future since you'll be jointly obligated to these properties. 

We also recently closed on a fourplex as a partnership with a friend.

Purchase price: $122,000 Cash invested: $41,000 Value after renovation $175,000.Closing $ 31,000 Renovation $ 10,000 How did you add value to the deal?

The deal was identified by my real estate agent and requires a quick closing.

@Carolyn McBride what's your opinion on the Foothill and nearby neighborhoods (close to Fruitvale Ave)?

BP is a great place to definitely learn and connect with like-minded people. 

It's close to Overland Park and a few other major suburbs on the KS side.

Depending on how close you are to Philadelphia you can really manage the property yourself as many Jersey neighborhoods are even closer to philly than some philly neighborhoods.

Excited to learn and connect with you all!

It is still a seller's market in many geographic locations, so you can ask potential buyers for an extended closing period and/or with options to extend the closing period.