An LLC when properly formed and administered provides separation and protection of assets that are outside of the LLC from the actions of the LLC.  

Ur rent mortgage rate is 6.75 and I have been paying mortgage for like 7-8 months.

Collecting rent statements, expense receipts, mortgage interest docs, and more—can sometimes feel like a full-time job in the weeks leading up to tax day.

For now, it Looks like your roommate/tenant can cover half of your mortgage (plus hoa fees). 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I sure don't want to consider myself an abuser of this forum, and therefore don't see that as a proper solution.Nonetheless I do agree with @Joshua Dorkin that it can disrupt the flow of conversation... but I don't agree that most forums act this way; I've been a member of multiple forums, and most of them have options to delete posts... rather than contacting support or marking your own post as abusive.I digress...

It is what is left after snow removal, cutting the grass, utilities, tenant issues, parking lot issues, property taxes, mortgage payment, etc. that make a difference.

We neeed licensing for wholesalers as well as the banking and mortgage industry to start calling more notes due.

Hi Helena, id recommend reaching out to@Wale LawalHe specialized in working with out of state investors and will be able to properly guide you.

@Albert Gallucci as many have pointed out, in the commercial space of 100+ apartment buildings and offices, property classes have some pretty decent industry standards.We started applying these to 1-4 unit properties around 10 years ago, which you can verify on our blogs, because we saw too many newbie investors not properly taking into account things like, neighborhood status, tenant pool, property condition, etc.Unfortunately, there's no industry standard for this, but you can use some basic logic to think your way through your own Classifications.