Since interest rates are now higher than the mortgage on your current home, you'll want to calculate that monthly difference.SIMPLIFIED Example: current house mortgage interest rate is 3%, balance $250k.

Long term interest rates should continue to increase.  

Hey llina, as Jonathan stated below an LLC will not determine your interest rates. 

And it's very pertinent to today's environment because it doesn't look like interest rates will be coming down much, if at all this year.

I do need a property that is not very expensive, which is why I have been looking into Clevland due to their low selling prices and high appreciation rates.  

I think this depends on your risk tolerance and your interest rate.  

If you're looking at a debt service loan, 15% is the minimum for a purchase but it's much more common (and rates are better) at 20-25%. 

Credit (loans) become much more difficult to obtain and if available you pay a MUCH higher interest rate with a much higher down payment requirement2.

Due to current interest rates, many CAP rates are much lower than they should be and usually there is only so much price discount a non-delinquent seller will be able or willing to offer.

Simply because rates are higher, homes are not selling, and deals do not work.