It simply is something that states that the business is in good standing with the state authorities.OPERATING AGREEMENT OR BYLAWS: This is the document that usually throws investors for a loop as most LLCs (Operating Agreement) and S-Corps (Bylaws) don’t have these done at formation.

What does it cost for formation and ongoing maintenance?

@Oliver Martinez you could have used the "@name" format to include everyone you wanted to reach out to on a single response, instead of entering 6 copies of the same message:)Unless you plan to live in the property (owner-occupied) you will typically need at least 20-25% down to get a mortgage - unless you find a private investor to fund your acquisition.Also, as you've found, most of these lenders have minimum loan amounts of $75k-$100k.Unless you are a VERY experienced investor, we don't recommend buying rentals in the City of Detroit under $80k.

Can someone give me some insight on Room Rentals in the Philadelphia area and what are the current stipulations and does this follow the same format for regular rentals as well as evictions? 

When you start reading about this and searching the internet one thing I find is true... there are many LLC formation services that claim to do a bunch of stuff, several of them sell expensive "education" packages which just get a foot in the door to sell more services, and other do-it-yourselfers (legal zoom)ut.  

Maybe try a few different description formats across your listing sites and see if a certain type gets you any additional leads?  

If not, we’ll need to have one ordered for you.Entity Documents (NEEDED FOR PREAPPROVAL):LLC/LLP i.Copy of Articles of Formation/Incorporation ii.Copy of fully executed Operating Agreement/Partnership Agreement (all pages & amendments) iii.Certificate of Foreign Qualification (if applicable) Corporation i.Copy of Articles of Formation/Incorporation ii.Copy of fully executed Corporate Resolution designating authorized signer(s) for the Corporation iii.Copy of fully executed Corporate Bylaws iv.Copy of stock certification v.Certificate of Foreign Qualification (if applicable)Identification (NEEDED FOR PREAPPROVAL): Copy Driver’s License or Passport for each Guarantor.Rent Roll (NEEDED FOR PREAPPROVAL): We’ll need to get an understanding of the current cash flow of the property.

I live in NY, and plan to invest in FL. Do I need LLC here in NY or in FL? Please advise

Most importantly you want to follow SEC guidelines in the formation of the fund and how you handle raising the equity.

Understanding these terms can often lead you to the correct answer in the multiple-choice format.