Hey Cleotha,When I house-hacked my house, I just grabbed a Texas lease agreement then altered the verbiage to make it adequate for the person staying with me. 

I barely broke even in Real Estate so I returned to translation full-time before moving to California.Whatever you choose to do, I wish you success!

That said, you'll likely need a building permit to alter the electrical system and to remove walls, and that might lead you into a precarious situation with the city since they love love love to force updates when building permits are pulled.

According to most cities, anything that alters the structure of the home, or the layout of the home (new walls, doors, windows, changing floor plan), or any new or altered plumbing, electrical, ductwork requires permits.3.

The depreciation schedule used can dramatically alter the return on investment.1031 ExchangeFinally, when it comes time to sell your investment a 1031 exchange allows you to exchange your old investment for a like-kind new one while deferring the taxes on the gain!

Hi Tia, are you running your numbers from a 2-5 year perspective as the numbers should alter some down the road, rents will raise, principal paid down, etc.

You have issues with potentially co-mingling (the mortgage payments should be coming from your bank account not the entity's), alter-ego (one of the threads show my logic how this would never happen on an arm's length transaction), Title Insurance Policy, etc.I'd be happy to chat if you like. 

Zillow generated 40+ messages but most of those don't translate to phone calls to schedule a tour/application. 

Not just the alter-ego aspect I've brought up, the split between the LLC holding Title but you personally giving the mortgage. 

From what I can tell in my short 4 months in real estate wholesale strategies translate into multiple aspects of investing, including creative finance because it can be a great exit strategy in a wholesale deal that appeals to you.