Finding an agent that knows the market and can find you properties that provide a profit (for both of you) is worth the effort.One more thing about the contract . . . be sure to read the ENTIRE document and ask for clarification is needed. 

Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

By 2030, we want to have grown a portfolio of over 100 units, created a property management company that manages an additional 100-200 units, and, finally (and most importantly), we will have established a non-profit that is focused on quality, affordable housing that specializes in providing housing and resources at/on the "services cliff" alongside financial counseling and first-time home buyer education in our target area.Our target area is the Springfield, MA and Hartford, CT areas with dreams to expand to Central Massachusetts (Worcester, MA), Southern New Hampshire (Nashua, NH), and Southern Connecticut (New Haven, CT).Would love to meet up with likeminded individuals in our area!

.), it can be profitable.

(Is there any “profit” left?) 

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

What type of real estate investing are you interested in pursuing? 

When I graduated I decided to pursue a career in becoming a real estate agent!

At the current cost to build estimate $150/sqft, It appears a 1500-1700 sqft new construction will need to sale for around 399,9k to make a decent profit.

Calculate how much more in interest, lost profits, etc it will cost you to have this “blip” on your credit report.