Even if you have an LLC, you need to maintain the formalities of the LLC in order to use it as effective asset protection. 

I have 3 duplexes and 1 Quad in Minneapolis; it's time to formalize a bit and streamline processes. 

Make sure you set up a formal agreement between yourself and your father in regard to payback period, interest rate (or percentage of equity in your business), ect.

Once you have a small group of regulars who know each other, it might be easier to get more formal, educational-type meetings going and attract more attendees.

If, acting as an individual making an offer, you don't make a big deal out of it, and don't "announce" it, but rather casually bring it up when you reach a certain "comfort level" with the seller, (ideally while writing or presenting your formal offer), their focus will be on the $$, and your licensee status will not be an issue.

But is it a good idea to get a formal business plan?

The terms are not comprehensive and we expect that additional terms [including reasonable warranties and representation,] will be incorporated into a formal agreement (the “Agreement”) to be negotiated.

The terms are not comprehensive and we expect that additional terms [including reasonable warranties and representation,] will be incorporated into a formal agreement (the “Agreement”) to be negotiated.

There is a formal dining room and a large living room.

Formal education is always an asset when venturing into real estate investing.