that can't possibly be right plus that totally defeats the purpose.  

The only issue is the down payment would be coming from his father in the form of a "gift" and his bank will only allow his father to gift him 1.5% of the 5% which kind of defeats the purpose of us using his money because he's wiling to contribute a lot more than that.

Well, he was a no call/no show.Feeling frustrated and defeated, I call my GC buddy back and ask him to finish it.  

[Edit: After thinking about it some more, it defeats the purpose of the metric to skew the cap rate numbers.

@Beka Shea, the thing I am concerned about is having a recorded interest that creates an ownership that can go of record to defeat later claims. 

I don't know why people are scared to give honest feedback for reference requests...it kind of defeats the purpose when everyone gives glowing reviews.

I doubt we will ever see a second, third, or any wave of REO's because it is self-defeating.

Very interesting.... my accountant told me I NEED one bank account and EIN for each cell of the LLC that has a property .... otherwise it defeats it's purpose: to have the properties separated and any liability won't affect the other ones (which would happen if everything is together and in the same bank account)... may be an overkill though...

That defeats the whole exercise.

.* If you have to close in your name first, it seems to defeat the purpose because now you have a paper trail with the title in an individuals name.* Lenders will require a personal guarantee on the loan no matter how you title it.* When you setup your LLC, you can also go the extra step of finding an out-of-state person to be your Registered Agent.