@Corbyn R Tower In terms of obtaining a conventional mortgage for REI you will likely not be able to do so under your LLC.

The tight timeline of obtaining a % during 1 mos for those that invested more may not be feasible for those that may just invest $25k.

Then you'll have a much stronger position to negotiate from when attempting to obtain private funding. 

I truly appreciate your advice and have been focusing on building up my leasing and sales business as I work towards obtaining my PM license.

Since you have 1099 income but no tax returns, traditional or FHA loans may be difficult to obtain.

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.

We obtained a price $150k greater than we could have in a cash sale, wrapped the existing 4% note into a 10% note bringing the $1,300,000 note we hold to a 16% yield. 

if so,  does that mean you can't obtain quiet title action within a year, and basically the property will be sitting there untouched during this one year period?  

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.

You can either continue the depreciation schedule from the property sold, and create a new fixed asset for the additional amount invested to obtain the property (Two Depreciation method), or you can opt to treat the new asset as one asset (Single Depreciation Method).