Sure, it would be a learning experience for him, but declaring bankruptcy in your early 20's is an expensive way to learn.

Real estate investing beginning in 2004 eventually caused me to declare bankruptcy.  

On a refi, you can take a property from an LLC (via comapny resolution, deed it to a member and declare a distribution), the member gets a loan (signs the loan and D-T), then the member puts the property back into the LLC (via encumbered property contribution).

However in judicial foreclsoure states, they run much higher.If the borrower declares bankruptcy, the skys the limit.

While I have not received the cdc declaration form I have heard from the tenants they will be mailing it.

After a many, many deals it becomes second nature and part of muscle memory.

I declared 2015 the year when I finally realize my long term dream and start REI.

Any option over a year may be declared a violation as well, but, rarely enforced at a year, but be aware. c. much written about this too.

As you know this is a pretty serious website and everyone declares their name / identity openly.

SFRs are fraught with your problems on calculations.MFUs have issues with Realtors not understand the business.So it's a grunt work for you.You would like to have GOOD numbers for GSI and NOI, but that also implies the expenses are known, declared and accurate- - without the SchE, you can't verify them.Hence, a good estimate of expenses is 30% of GSI.