I am all about simplifying things, streamlining things, but a tool like this IMHO creates more work for folks like me.

Keeping the purchase price under $1 million would simplify the deal's capital structure but I have access to private capital that could increase that figure if a compelling deal arose. 

Simplify it.

Personally, I'd do it because its worth simplifying things to me, especially depending on how/when you compensate that tenant.Hope that helps. 

It just seems like I'm trying to drink out of a water house with the amount of information online and would love a simplified process on how to get started finding good deals. 

If you don't want that headache, and it sounds like you don't need it, simplify.  

Since there is only two of us was trying to simplify things a bit.  

And a DSCR will allow for you to close in an LLC.Simplest way to understand how the DSCR ratio works for a DSCR loan is another example, though this is very simplified for illustration purposes: Monthly Revenue/Rental Income: $1000/moMonthly Debt Service/Mortgage Payment : $1000/mo$1000 / $1000 = 1.00Most lenders like to see a 1.20 and above DSCR ratios, but some will go to 0.75 or even lower - knowing that the investor will improve the property's rental income performance over time.Now, nothing is free Eric. 

Hi Nick, Both options you've listed have their pros and cons, but most d experienced real estate investors would likely recommend the second option for the sake of clear record-keeping and easier tax preparation.Keeping a separate bank account for your rental income and expenses can greatly simplify your financial tracking and reporting.

Conversely I found this answer on another website that could simplify things if strictly ownership of equity is transferred and not dealing with transferring half of whatever +/- cashflow would exist."