OH gosh I just read this and this is what led a company I worked for in the 80s into a massive BK loaning between partnerships..

Using your first property as collateral could help reduce the cash you need upfront, but it’s essential to weigh the risks and it's not really recommended specially if this will be your first.I recommend focusing on building reserves or seeking partnerships to fund flips.

The WY LLC was named as managing member of the TX LLC .Also should I consider having only myself as the manager (and not add my spouse) - otherwise it becomes a partnership and I would have separate cost to file a partnership return? 

Hi BP Community,I’m looking into my first out-of-state multi-family partnership with someone that already has experience in the local market and connections to the operational teams required to make out of state investing successful.

you cannot realistically buy real estate when you have no personal funds.but what you can do is work to put a partnership together where you find a money partner and you guys do a JV  money partner you do the work.. this can happen if you find someone who takes a shine to you and wants to help U

Therefore a partnership return will need to be filed and each partner will get a K-1 reporting their share of income.Each investor will then report that income on their return.Taxes will be calculated based on each partner's tax rate.Best of luck.

Exit StrategyDo you offer any programs or partnerships to help borrowers refinance or sell the property?

You know that the best investor-clients, we develop a partnership with and camaraderie over knowledge and a will to work in their best interests.

No one is entitled to a Pacific Heights apartment, it is up to you to create enough value to afford to live there.My comment on partnership in solving the housing crisis has to do with California making it more attractive for landlords and developers to do business here.

I'd also recommend diving into books, podcasts, and even attending real estate events to start learning more.Here:Learn the Basics: Study property types, financing, and market trends.Network: Attend events, connect with pros, and build relationships.Find a Mentor: Seek guidance from someone experienced in commercial real estate.Start Small: Look at smaller deals or partnerships to get your feet wet.Take Action: Once ready, start evaluating deals and making offers.