Hi @Billy Bell,I don't like this agreement at all.

-Any fat in the T12, like paying for a full time maintenance man, bill back H2O and the like?

Beware, however - you may be comparing your 'market' with other places that have been fixed up and are fresh on the market, so be sure you are going apples to apples.One of my vendors has a saying: "Pigs get fat, hogs get slaughtered."

I can't stress enough that I have the fire in my belly and the desire to share what I can.

I live in France, and here according to the law, if we want to flip and sell multiple houses in a year we need to pay big fat % as tax.So, I will be sticking to buying and holding.

I knew before the building closed escrow that most of the tenants came home from work, took off their shirt and hung their pot bellies over the balcony rails every day as they drank beer (no joke).

Sometimes we fall a little short, sometimes we fall very short, and throughout the entire process...our books look like we are 1-2 missteps away from going belly up. 

Most of my sellers own multiple properties and are business owners and only work belly to belly.  

The bank may require one or all five members to sign personally and check each one of them.You could have a LLC that is 15 years old with one or two memebrs and you will be looked at personally.Type of loan, amount, collateral, credit, capacity to repay will always be issues and for any LLC to obatin any financing without having members on the line will require a very strong LLC with other assets and a management track record that will convince the lender that you won't go belly up, take bankruptcy and walk away.

The plan in motion now is we have trimmed all the fat in the personal finances and are now beginning to bank sufficient cash to float my family so I can then have two or three of these properties at one time to ultimately do one big cash out refi in a portfolio.