I don't know which states you are referring to originally in your question, but you do not need to be from or in Texas to form an LLC in Texas.

Was the original 5.5 mil appraisal way off?  

Originally posted by @Jonathan Greene:No brokerages are, in and of themselves, investor-friendly. 

Can I move security deposit into a brokerage account or should it stay in the original business account?

I find that if you have to go back and touch up paint down the road it will look different if it was just sprayed originally.

Just get a title company to draft it.Some questions I have are: who is on the original note? 

Please notice how in my original post, I posed questions. 

I'm new to the Bigger Pockets online community although listening to one Bigger Pockets podcast episode is what kicked off my original investing journey many years ago!

Originally posted by @Tabitha L.

(7%*(1-.3)You're being mislead by your model IRRs unless you also incorporate the HYSA balance you'll need to carry to keep the deal leveraged.You're also being mislead by the points you originally paid.