IRS 590 also explains this.5) When you receive a distribution or otherwise get paid back, never take personal control of the money.

If you are taking out a conventional mortgage of any kind, you can't buy in the LLC as it does not have two years of tax returns.You are also asking if an entire state is good to buy multifamily, which means you are too soon in the process to even talk about buying.

Mistakes I see people make is they plan on living there a short time and over renovate the property where they will never get the money they put into it back. 

I only plan to manage these two from out of state until we're able to refinance our second home as we're losing money on this particular house for rent as we bought this home last year. 

So we shall elucidate five myths and truths about investing in them.Myth 1: Distressed Properties Are Always Money PitsMost people think that distressed properties require major renovations, which wipe out profit returns.

It is very easy to save money working in public accounting.I forgot what my dinner allowance was working at the big four 5 years ago in a major city(I think it was like $20?)

And you probably need money for living expenses.

If I were the neighbor, it sounds like I'd be the only one bringing money to the table so you could get something you want.

NJ has the highest taxes per capita in the country so high taxes are expected especially in Northern NJ.

We utilized the down payment program and use our own money to fix it up.