@Brice Alef-TorrisiHaving one checking account per property is an excellent way to keep your property finances separate from one another and your personal finances.

@Pranita Maldikar Unless the seller is a family member or personal friend, I'm not sure why you'd want to put that much money down on the property.

I am looking at a 5 unit building that I want to do a condo conversion on. 4 units would be vacant 1 has a rent controlled tenant in there who does not want to move. I would owner occupy it so I don't know if I have a...

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Do you think it's common for a tenant to sue for an amount greater than insurance can cover, then take your property or even your personal assets? 

Be that person who set's up some STR's there, runs em there, and really caters it to the US "bucket list" tourist. 

Could it be considered piercing the corporate veil if the mortgage for the property is in your personal name but the deed is in the name of the LLC? 

It can be a very good market, but the why behind your choice may help us give you better advice on how to move forward.Before realtors and property managers, you really need to meet other investors so you are making a good move by trying to do that here, but it would be better if you could do it in person.

So, things change a bit.If it is his personal home, there are more restrictions.For an investment property, if you take over his financing, read through the deed of trust (mortgage) and see how they handle transfer of ownership.

I personally don't like exclusive by agreements.