Let's say you want to stay conservative and only take 50% LTV, or $500,000.00, so that you don't have to sell anything in case of a market correction and there's a margin call.Step 2:  Purchase a rental property, all-cash, with that $500,000. 

Normally when you hear cap rates this high the expenses are not calculated correctly or certain expenses are omitted (no vacancy loss, no management fee, light on repairs etc). 

And  if we did a 1031 exchange later, I think I'm correct that having this cost basis established at today's market value vs 2001's cost + improvements would serve me better in the 1031.- The depreciation amount for my rental house would be maximized bc would be set at the selling price / current market value vs 2001 cost basis + improvements.

Here’s some insight into your questions and a recommendation to consult with a real estate lawyer for confirmation.LLC Structure and Liability:Your real estate lawyer is correct in advising you to separate each property into its own LLC.

@Maurice StewartIf I'm understanding your post correctly, I'm not aware of a rule that requires that the LLC name contain the address or street name of the rental property. 

Please give me link etc.As each zip code may have different profile I want to be sure to pick correct side of the town 

This particular property was within 100 miles of me, so I was under the impression that an FHA loan would not work, is that correct?

I use QBO for my portfolios as well (been investing since early 2019).As long as QBO is set up correctly by someone or a firm that understands what's needed for an REI business it works great (better than the REI-specific software in my opinion).I'm happy to discuss in more detail if you'd like.Here to help!

-"notice of assessment lien"  I think this is for not paying the HOA (He claims he did pay the HOA) about 3k-"transcript of judgement"  It looks like he owes a credit union 16kFor what it is worth, he has hired a lawyer to try to get out of his debts.Are the following assumptions correct?

Correct?