Multiply that by 8 properties and that adds up quicklyAt this point I've amassed around $150k in debt, I'm spending hours a day trying to find large multifamily properties with nothing to show for it and the whole passive income dream I was sold seems to be a huge lie.

Unless you have $5 - 10k MONTHLY to spend on marketing this is what you need to do to have any chance for success with wholesaling.  

Spending $15,000 on minor updates in a Hyde Park two-flat could raise the rental unit's value by $300/month.5.

The HELOC would act as en emergency way to tap into their equity if needed - as long as they don't spend it unwisely!

Spend more than half of your total working hours in an RE business in which you materially participate.2.

Hey Steven - An LLC is a solid choice for structuring your partnership since it offers liability protection and keeps things clean when splitting ownership and profits.

the only thing with that is protecting future landlords.. but then again thats a personal choice..  

The property will be strictly for investment purposes, not a primary residence.I’ve been looking into two potential financing options:Hard Money Lenders (HML) – I’m drawn to this option for its speed in closing, but I know the rates can be higher.DSCR Loans – This seems like a great option for long-term rentals, but I’m unsure if it’s the right fit for my auction property since it might need some rehabbing.I’m also considering purchasing through a land trust or an LLC to add a layer of protection and privacy.So, my questions are:What’s the best way to approach financing for auction properties?

I wouldn’t buy a house to live in right away, as I need to spend the first 12 months studying the area.

A FHA 203k Loan is where the purchase price and rehab costs are rolled into a single loan.The downside of using FHA or a FHA 203k is you will need to live there, for a minimum of one year (to satisfy FHA Requirements); AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC.