I went back to Memphis last year for the first time in six years to find all is as advertised with very minor exceptions.We have picture inspections done every four months, cost $75, because I'm a trust but verify guy.Good people, good service.   

This could be less costly and smaller hurdles than you would have with hard money lenders.

Ask your broker if the brokerage has a referral division and if there are any costs.

I want to know is it more cost effective or easier to purchase the property alone and put it in a mortgage in our name or purchase the LLC from him that holds the property within it.

It costs me $50/ PER MONTH and I can use it as a hotspot at no additional charge. 

Every project needs a quote and you should be able to estimate the material costs.

You could also get a line of credit for about $150k (you should be able to borrow 75% of the value.)The reason I suggest this is…1) you save $40-$60k in selling costs. 2) you have a lower blended interest rate (2/3rds at 3.25% and 1/3rd at 7 or 8% instead of the whole $500k at 7 or 8%) saving you another $1k/mo in interest. 3) you only pay interest on that $150k when you actually use it, not from day 1  Unless you hate this property, or want to buy something you can’t afford without selling, that would be my plan.

All of these spots are awesome locations to buy and set up as an STR (short term rental) use VRBO/AirBNB to triple your monthly NOI.If you need ay advice or want to talk REI or which locations are best feel free to reach out! 

Security Deposit: 2600Lease states no smoking/painting walls/no hanging things on wallsTenants have moved out and have left two truck loads of garbage to be removed.Damaged doorPainted walls which got on the ceiling and trim Lots of holes on the walls throughout the houseDamage from windows being left open constantly Weed was clearly smoked in the house (smell throughout the place) so we need to deep cleanWater bill wasn't paid so I had to turn back on utilityMissing keyQuoted costs:$450 junk removal (some furniture)$935 for damaged doors/windows, painting cleaning$30 for utility turn onTenants were only there for a year before moving out so a lot of this is beyond normal wear and tear. 

@Tiffani HollisFor a long-term rental, I’d avoid used dishwashers entirely—repair costs and reliability issues often outweigh the savings.