@James Thompson Transferring property from your in-laws to you can be done through a gift, sale, or trust transfer, each with different tax implications.

An LLC is really a partnership that has been given the same liability protection that a corporation gets BUT they get pass through tax status. 

The sentiment feels a lot like 2008, home prices are unaffordable, Price to earning ratio don't make sense, rents are high (which is a goo thing only of the homes weren't so expensive), I feel like it's a ticking time bomb with the debt crisis.

Eliminate debt, establish a budget, and save.

These logs regularly end up in the Tax Court and are usually destroyed upon review.

@Palak Patel copied from our website, so use what's useful for you:_________________________________________________________________________Below is more information about what our Applications Department does to screen applicants and find the best tenants possible for your property.Required InfoWe require the following from each applicant over the age of 18, that is not a dependent of another applicant (as evidenced on a tax return):Copy of acceptable state picture IDRecent YTD paystubRecent W-2Recent Bank Statement, all pages, no info blacked outRecent tax return if self-employedApplicants are often slow about turning this information in, asking us why we need it and then taking several days to submit.

I do need some debt.

I personally have found an abundance of deals where older landlords no longer wish to own but do not want to pay the capital gains tax. 

So, for a $60k loan, you'll likely need $12k-$15k for a downpayment, $8k-$12k for closing costs (prepaid insurance and taxes, lender fees, attorney fees, points, prepaid interest, transfer taxes, etc), and then another couple thousand for reserves and whatever else.

Also, consider the appreciation and tax benefits.