Normally, I do not establish LLCs until I have the property under contract and I am deep into the closing process.Regarding if you need a LLC, it all depends on your risk tolerance.

I am trying to not throw a ton of cash into the fees as I’m already about 12-20k deep in.

@Ashish Wa You have to be careful with local laws but ESA is definitely a red-flag.

Quote from @Engelo Rumora: Quote from @Michael Smythe: @Sunny Karen let's do a deep dive on this property listed as sold on their website:15095 SORRENTO ST, DETROIT, MI 48227if you do some searching on Zillow, the property does NOT show as sold and the last listing is from 03/17/2020.

The town of Camp Nelson is in Tulare County which is a “red” county in a deep blue state that is favorable towards landlord and STR rights.

Kidding aside, there are some red flags here, but not enough info to advise upon.Mike

Some years it might be in the red but I have the means to put money in if it does (though not ideal).Not everybody can do this.

Look for people that have owned for over 10 years, and get it from them off market even at a deep discount and do the work of fixing it up and renting it for higher, or if you want to buy on market I'd definitely recommend offering below asking, as most multifamily that hits the market in these areas are tremendously over priced. 

Would you consider it a red flag if some GPs don't share their pro forma?

assuming work completes after closing.In the event of an audit, is it a red flag if we claim an "improvement" after the closing date occurred?