The property has not gone on the market officially yet but the RE agent told me cost of about $950k.  

Those who have been doing these for a couple years start work before the official 'close', but do so at their own risk.I hope this has been of some help.  

. ($250,000 debt/liens)-Home is valued at maybe $16,000.00 (fixer-upper)-County officials told executor that home will enter tax sale status at end of February if ($3000.00) property taxes are not paid and will then be sold at public tax sale in the fall.

This might mean giving her official notice to cure or quit, followed by eviction filing if she does not.

We closed yesterday and have officially sold off our 2nd baby, aka our 2nd flip.

It just seems that the LLC is a fragile line between personal and private monies, but that it can be easily argued against.Overall, It seems like an LLC is fancier, more "clean" and official and separate.

The other thing to consider when installing ductwork, and you'd have to talk to your local building official, is penetrating through fire separations.  

(Doesn't it officially count as an income property after that?)

@Tim SwierczekI could not agree more,  written agreement makes everything more official and creates a sense of professionalism instead of just being roommates.

A bank could have an overlay restricting you to 70% but there are banks that will lend 75% on a SFR on a delayed financing deal.Regarding cash out Refis, I don't see any differentiation between SFR's and 2-4 unit properties mentioned in this page of the official Fannie Mae (70% ONLY) website.