While sophistication of your equity partners (private money lenders) will vary between residential and commercial, the principle of raising private capital is the same.You need to develop your own system which allows a constant stream of PML even when you don't need the funds and/or don't have an active deal under contract.For example; I raise private capital by offering free educational workshops for people with self-directed IRAs.

No active projects yet, but I’m gearing up to dive into multifamily properties, ideally 16+ units, with a focus on creative financing and NOI optimization.

The IRS generally does not allow you to deduct expenses for a property that has not been placed into service, as deductions typically apply to operational properties actively being used to produce income.

The LLC was used in an active business for separation of the active business from my other businesses, rental for one.

Look, I have no idea who Eric is, what type of person he is but I will say after a quick search I saw that he did in fact sell his company for MAJOR $$$ and that he is active in Section 8, no idea if his course is good or garbage but still felt the urge to respond because I am so tired of hearing SCAMMER, find it online to EVERY SINGLE post asking about any course. anyone who actually sells their business and nets 110 mil is NOT going to dive into Section 8 or any real estate for that matter other than fine personal residences etc.. they retire and spend it.. so I dont think so.Plus section 8 is simply not complicated its run by the Sec 8 folks in each city.. nothing magical about that.. its a tough way to go being a section 8 landlord lots of drama.

Sorry for the late response, I am not very active on BP.All you need is an CPA/Attorney to manage your LLC, I went through this route of registering a wyoming LLC and paying high price until I found a local attorney who does all the that with the same protection by naming the organizer and registered agent with the attorney details in your articles of organization, at the same time you will need more specific details in your operating agreement pertaining to your local state laws or you can as well use wyoming agent. 

What ROI do you need to justify the liability and active nature of owning a rental property?

When we sell timber rights, it's land we are not actively doing any form of any operation on. 

For family life, there are great communities with good schools and a lot of kid-friendly activities.

I was strongly considering joining before I read this, now I am going to go the hard route, but probably best to just stay active on here and go the extra effort to network with accomplished developers in my area.