I am from Austin, so close by!

@Will QuinnCongrats on closing! 

Let me know and I can set up an interview with the broker/owner. 

The joke used to be that you needed to wait only long enough to put one pen down and pick up the other pen.A refinance is not a taxable event. 

The property is fully rented, close to University and a local hospital, which should support stable tenant demand. im willing to put 20% down payment, Im not sure about the costs that i should think of other than (management fee, vacancy, taxes, insurance , Maintainance) am i missing soething here (but Im saying 55 to 60% cost of the income).

Do they keep their units up? 

Instead of saddling them with a $5M commercial property (for instance), you can turn that into 166k shares and divide them amongst your kids (who are in line to get a full step-up in basis when you pass away).Gotchas: The UPREIT is sometimes an option, and sometimes a mandate.

There is good leverage and leverage.I grew up a cash investor and was scared of leverage, but it limited my ability to buy more properties.

Generally, if you purchase a property in the name of an LLC, you may end up with less favorable lending terms.

Quote from @Brandon Croucier: Ive seen credit as low as 450, high as 830.Both of these are the 99th percentile though. thank you for some reason I thought 800 was highest.. its always confusing to me how they come up with those scores..