Our plan is to purchase again with a better mindset of turning that into a profitable rental.We have diligently completed all the necessary steps and are on the verge of signing a management agreement with a property manager.However, we are experiencing some doubts.  1.

@Sang Kim- thanks for clarifying you are trying to get a commercial loan ...this is a  completely different product than a home loan ...You still should be able to  locate and obtain a good commercial loan  without  having to pay any fees upfront  ( other than possibly paying for the appraisal after the  loan has been  approved )

It sounds like you’ve been doing some serious groundwork with all the reading and research, which is such a strong start to your journey toward FI and retiring by 55.It’s awesome that you’re exploring real estate as an option, even if you’re not completely sold on being a landlord yet.

This book introduced me to financial concepts and made me look at money and investing in a completely different way.

So far besides a few books and a burning desire I am a complete novice to this.

Garret completely agree with you.

@Caleb Brown -Thank you--the place was purchased early last year by current owner and completely renovated. 

Here is an example with some figures:My LLC total investment = $204,000Partner LLC total investment = $196,000Value of project when complete = $500,000Each LLC value afterwards = $255,000 / $249,000The plan was for me personally to go get the refinance loan because the terms are so much stronger than if I went portfolio with the LLC.Loan total = $300,000 (keeping at 60% or under of value for best terms from the bank)Partner LLC payout = $249,000My LLC payout = $51,000In this scenario, I am struggling to see how to get the remaining equity in the project into my personal name? 

I am a professional cabinet maker and my father is a master plumber.Estimated sale price once complete $500k+Home 2: 210k mortgage. 5 bed, 3 bath redesigned to 5 bed, 4 bath, 3,000 sq ft.

It works great and it completely customizable.