Sometimes you will see something like "you've been denied credit due to too many derogatory remarks" -- that just means too many instances of late payments, or too close to your max limit, or anything else that is perceived as a negative.

I suggest you ask questions and participate (don't take over the class, LOL) hopefully you'll get an instructor who has financial experience that can relate the materials to real life instances and not just read the book.

Simply placing the property into an LLC does not create a real protection in some instances since the LLC can be pierced, especially when you are the sole owner of said LLC.

Jamie,you have some details correct and some mixed up a bit - let me help.There are 4 components to a property - let us use a single family home as an example.There is the house - bricks and sticks.There is the deed - who owns the propertyThere is usually a note and mortgage - the Note is the promise, the Mortgage Secures the promiseThere is occupancy.Most people think these are all in the same and sometimes they are - in our instance, they are not. 123 Main St is the physical address.

@Brandon Turner Sure I have made mistakes during my almost 2 years of real estate investing.For instance, One time I had called up a plumber to pump out water from crawl space of a HUD home that I had recently purchased.

I thought i'd pass along my experience so others could learn.In my instance they had many liens for the city boarding up the house, mowing the yard, back property taxes etc.Moral to the story is to follow up and make sure the liens get removed.

In this instance, we even went so far as to offer to break the lease in case the tenant had found herself in a situation where she was over her head.If this happens again, we will post the 3-day pay or quit immediately (on the 6th*).Thanks again for all the great advice!

No splits, profit shares, etc.It keeps it clean and simple and keeps you in full control of the investment.I think payments being paid on performance / profit splits can lead to tension in the family and limit your control in a deal.For instance, if you were going to sell for a loss, and your parents disagreed, or vice versa.

For instance you purchased a home cash, have no wages, no other income properties, or sources of income, and no experience as a landlord (some banks require you have two years of managing property, not us).what would be required:- signed and dated lease agreement for atleast 1 year- copy of security deposit- evidence of deposit of the security deposit into your account (bank stmt print out)Formula to use:75% of gross monthly - PITIA (Principal/Interest/Taxes/Insurance/Assessments)Assuming you have $0 other debt/obligations like you've mentioned you could technically cash out up to the point in which your income using the above formula breaks even/reaches $0.75% X Gross Monthly Rent(GMR) - PITIA = $0 or GMR = PITIA/.75Pro's of cash out refinance:If you cash out you could have your dollars working in two places at once.

The only instance where this might be a good play is if you're building an infill project in a highly desirable area with no inventory available.