Can possible sub divide lot.over 5,000 sqft all brickrehab estimate- exterior 40,000... interior 20,000 per unit x 4= 80,000Total Rehab $120,000Seller Asking PRICE $175,000Present mortgage $125,000 @ 7.2% 30 year term (was originally $152,000 in 2004)No second liens2 units are occupied (don't see how with all the deferred maintenance) and supposedly collecting rents $600 eachThey originally offered a "land contract" at $175,000City assessment- based on land and structure $203,000All units are metered separately- electricity, gas, water, trash etc...The good news....pro forma base upon what I know about that area.

If you're thinking about Medicaid eligibility, then him being a partner in the LCC is already a problem.If there are valid reasons to go this route, then you have another issue.

Its not a valid receipt unless its signed by landlord or agent. 

I would focus on repairing your credit. see a specialist (faster) or open credit cards little by little and pay them off each month. im not saying increase your spending, just saying instead of buying that tank of gas in cash use a cc and immediately pay it off. while your credit is repairing, start banking cash. build a budget and stick to it. 80K a year is good money, make it a goal of yours to retain as much of it as possible i.e. don't eat out, don't go to the local pub, drive a modest paid off car etc. once your credit is up and savings is up, use the 80k a year plus savings to get leverage. then use that leverage to buy your properties. if your looking for a get rich quick scheme, id advise u skip over RE. don't get me wrong, you can make money fast by flipping homes but you didn't mention having experience in that area so I assume you don't. another option if your really in a hurry is to find a partner with experience and cash, and see if you can buy into one of his/hers deals. you would have to market yourself for this and see what type of skills they may need that you have. maybe you can buy in and use your web development skills to beef up and/or maintain your partners website saving them money on outsourcing. that might be your ticket into a partnership. since you mentioned your helping your friend, maybe you can partner with him?

So my first property I was hoping to have on market needs it’s gas pipes (from street to the meter) replaced.

They are both cash flowing nicely and have excited us to push forward to a new level.I am a Texas A&M graduate managing a welding shop for the oil and gas industry. 

While it would be nice to think otherwise, those validations don't happen same day.

You can look up the name of entity you want to register on Texas Secretary of State website, and if it is Unique, and you have a valid Tax ID, ( or your personal number - if you know what I mean),  you can be fairly certain to get the entity registered.  

There are a couple risks that make me weary and would love to hear if anyone had some stances on the subject that could help me validate/eliminate my concerns.

I make calls to current/prior landlords, employer, and references to validate information.7.