@Jason Dubon I use a percentage of the rental income to prepare for expenses.

For forming an LLC in Wyoming, consider these registered agents:Northwest Registered Agent – Excellent service and pricing.IncFile – Competitive pricing and solid customer support.Wyoming Registered Agent – Specializes in Wyoming LLCs.Compare their pricing and reviews to find the best fit for you.

I do keep getting newsletters from you every week.Your phone service always "takes a message" and no one calls back.What are you doing with my and other investors' capital?

I also hold a couple of real estate forums in the area for people like yourselves to connect with service providers, GC's, etc. 

Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option. 

Under 100amp service - very difficult to insure. 

Whether you’re offering services, partnering on projects, or exploring your own investments, leverage your expertise to identify undervalued properties and add value.

Utilities are OFTEN overlooked so reach out to power, telecom, gas (or go all electric), water, and sewer to make sure you understand what it would take to get separately metered services from the primary house.

It’s also important to distinguish between those who are genuinely advising you and those who are selling you a service or product disguised as advice.I went to my first real estate conference in Atlanta in 2005.

Quote from @Jeffrey Hill: There are a couple of challenges with financing the difference. 1) The current servicer has to approve it. 2) Finding a lender to do a 2nd mortgage at 100% CLTV is almost impossible.