Quote from @Chas Lumley: Hey all,I'm looking to make an offer on my first rental this week and was wanting to get different inputs on LLC vs Umbrella policies.I will be using a conventional loan and I was told by my loan officer that I can not buy the property under an LLC, but I could transfer to an LLC after acquiring. 

DM me if you need help acquiring or managing.

Few people have no clue what is or how it works, I was just reading today that the cannabis growers that will be trading BILLIONS of dollars in CA, cannot deposit those funds in traditional banks, therefore; many will be using Bitcoins and other digital currency. 

It's not about just being able to "acquire". 

We have a savings account where we split up into different buckets (from our w2 and passive income) and one bucket is for real estate and when we have enough to acquire another asset we will consider it.I am not a fan of borrowing 100% of the transaction costs including closing costs as it will be extremely difficult to make money many times on those types of deals.

Quote from @Kris Gardner: Sept 1st, 2024 I acquired a duplex in Ohio.

When the houses were just acquired it usually took me two to four weeks to get a tenant in them though I had some that were rented prior to make-ready and renovations being done, that's happened a couple of times.  

Renovation costs would need to be financed separately.Private Lending or Hard Money: Use a private or hard money loan to acquire and rehab the property, then refinance into a joint long-term loan.Seller Financing: Negotiate terms directly with the seller for a flexible financing arrangement.Final ThoughtsUsing an FHA 203(k) loan for your first property is a smart move, and with the right partnership agreement, you can still achieve your 50/50 goals.

Purchase price: $28,000 Cash invested: $47,000 Sale price: $110,000 Contributors: Peter Vekselman Partner Driven, alongside our partner Billy Medlen, acquired a home on Raymond St, Richland, MO, for $28,000 on 02/20/2024.

@Matthew PosteraroIt comes down to how much capital do you have to allocate, and how many units you are looking to acquire with your capital.