Always interested in something that can improve operations.

Then - once you're stabilized around 90% occupancy - re enter the markets to secure quotes from Freddie / Fannie / HUD / life companies / banks / credit unions.If it's an acquisition perhaps you put short term debt on the property, re-position the asset, then refinance after you're turned the operation around.

An attorney can create an operating agreement for you and give you ideas on what to include in your operating agreement.Loans will probably be personally guaranteed, so it doesn't matter if it's in an LLC.

Whether you’re trying to find off-market deals, build a pipeline of motivated sellers, or scale up your operations, there are some game-changing tools and methods that can seriously boost your efforts.I’m really passionate about helping others take their business to the next level, and I’ve seen firsthand how these approaches can deliver results.

Several reasons: market rates, cost of operations, risks of the tenant in particular, rental history, turnover potential, loss of rent during turnover period, "hot" or "cold" market, etc.

A freind of mine recently had an interesting experience investing there, and it's got me thinking.

@Sean Conroy, this really depends on two things: first, the land zoned in a way that you can subdivide and build more units (question for building/zoning department) and second, financial returns on doing this versus using the capital to buy.New construction certainly has its advantages on the operating side, and can often get a premium to remodeled, older units.  

@Rick Albert assuming that in your situation you and your investor are owning/managing these as purely investments and thus holding everything via a partnership operating agreement?  

They are one of the very few MFH operators who have a long track record.

Using an attorney, CPA or a 3rd party as agent is smarter.2) Having an Operating Agreement---Without one, you don't have a viable LLC and highly likely a judge will set it aside.3) Buying a property in your name to get a FNMA/FHA/VA mortgage, then transferring the property to an LLC via QCD.