Your K-1 reflects your membership interest in the SPE and has nothing to do with "his" existing LLC. 

Although the house we are closing on for $155 k and will probably put 5-10k in and other comps in the area that are clean/updated (which is what the 5-10k is for) are between $180k-$190K so we are thinking we will the ability to pull some cash out after a year on the refi maybe?

I stopped by a manu housing dealer the other day because they had a GOOD looking modular home on display.

Live in an area where homes are about 400 k.

@Stephan K.

If you use hard money, have cost overruns, carrying costs, and closing costs, you walk away with a few $K for 6+ months of work.

Jason K.

Hello @David K. .  

Under a qualified employer plan like a 401(k), UDFI does not apply to leveraged real estate income.

@Jon K. this might have been explained incorrectly but the rates are slightly higher for investment properties over residential loans.