I would recommend getting educated through the people like @Scott Carson @Martin Saenz or Eddie Speed.  

@Eddie Gonzalez There are 2 ways.  1) Actual Cash Value (ACV) - this is the market value of the house. 

Eddy

Eddie

@Eddie T., please don't discourage Michael with your misinformation , the cost of setting up an LLC in NY is only $200. and the publication fee is whatever the newspapers that are assigned to you by the county clerk which is usually about $85 for 3 weeks .

Thanks Brianna and Eddie.

Thanks for sharing @Eddie Werner

@Eddie Werner  Thanks Eddie, I think the common theme I'm seeing is... buy the property and rent it out, use the cashflow to pay off existing debt and buy more, since no one else is doing that, I'll be able to retire early since I'm starting early, and it seems like the secret road to success.

Hi Eddie!

Originally posted by @Eddie T.