Theres so many problems, this is a team deal scenario and one needs rules;  never take a contract less then 7 days prior to the auction, and NEVER NEVER N E V E R close allowing the seller to stay in the house after closing. 

Following Up + More details: @carolineOur utilities were also opened using an LLC but since the power had actually been shut off the problem mostly came from ICE sending someone out to turn it back on plus installing a new style meter (which had to be approved by our HOA but that was another matter entirely and not particularly difficult).Opening a bank account with BCR as an individual is easy and you can get an atm card in about 3 days but you will be limited to holding only a thousand dollars in it.

You could lose months or years and still not resolve the problem or realize you cannot do what you wanted. 

This usually works where there is a lot of garages.If you have the means to solve the financing challenges a tic/coop can be another sophisticated value add.Note this is just some value adds.  

If not, you may have bigger problems than the funding moratorium.

Have a nice day.LNo problem at all Lisa.

That would certainly provide added leverage should problems arise with bookkeeping, receipts, estimates, etc.

I had to have Anderson re-do one of my LLC's from the other guys to save me money in annual state fees ..I look at it this way, as long as my business/investment income covers the costs I don't have a problem paying for reliable - worry free information and work.

Get on the same side of the table with the seller and solve the problem together.

In Jersey City, it doesn't kick-in until 4-units - so for the smaller multis or single-units it is not a problem.