Our strongest case is that our bank appraisal says it should be much lower.

You put $287k in the bank and earn $14k/yr.

If you're focusing on rural properties, sometimes local community banks or credit unions are open to these types of deals.

While some buyers may shy away from the 7.125% interest rate, others who are familiar with the "Subject-To" strategy or are more flexible on financing terms may see it as an opportunity to acquire a property with decent equity and no need to qualify for traditional financing.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

Learning that I prefer money invested in real estate over money sitting in the bank... don't we all?!

In addition, you want a separate bank account for the rental property to separate it from your personal accounts.

“BUT” up to 60% occupancy all of the cash flow goes to the bank for PI which is good.   

We're also starting to scour other forums for possible investments outside the traditional MLS sites, and other areas like upstate NY. 

You will also need a US bank account.