Following is some of what I've observed working with many clients:There is more than one way to set up an LLC and you may as well get it done the best way possible - from both a legal and tax perspective.

I know different lenders will have different requirements on this, but I'm looking for your general observations and knowledge. 5) If cash flow is required, would they need to buy something with existing cash flow or could they convert a home to a rental and start showing cash flow within a few months of purchasing. 

I wanted to experience the Cleveland investor life first hand and have a few observations that I'd like to share/discuss.  

If you are buying RE in today's enviroment when unemployment is 4% and interest rate is 4%, you are buying yourself trouble, in my opinion....As a matter of fact, RE in the Bay Area is slowing down already, in my observation...

Bottom line there is a readily observable sight of poor care and maintenence with lawncare to match or exceed the equaly poor conditions of the infacstructure of the neighboring streets, curbs and sidewalks.

I have been driving through there often to observe and research.

From my observations of US Steele closing, Walmart leaving and other retail following their lead; I see nothing but negatives for this area.

Every time you make major changes observe what heppens and learn for yourself. 

I do not think this was a major strategy killer, but the house sat empty during peak rental time (Summer before school started) and is still vacant at a price above Proforma.Some Observations: Closing costs came out to be much higher than the proforma estimateTaxes were spot onProperty Mgmt. fee spot onThe vacancy is listed at 4%, even though PM says I takes an average of 45 days to rent, so it’s a broad average I’m assuming after tenant leases or across all their properties.They advertise 2-year leases during the tour and most turnkeys are rented prior to closing, not the case for my property, still vacantOne inquiry has come in for a family whose house burned down, but they want 3-month lease smack in the middle of winter for another renewal, not optimalNeither the marketing department nor PM inside Reedy was very proactive as far as communication.

Just observe what other landlords are doing.