Hi Michelle,A DSCR Loan may be a great option for your situation.

Remember, a good agreement makes a good deal better, but a bad agreement makes a good deal bad.Also, as @Dan Heuschele alluded to, if either of you performs any activities whatsoever while residents of California, the state of California's position is that you will have to register your LLC with the California Secretary of State (even if formed in Texas or some other jurisdiction), file the annual Form 568, and pay the annual $800 tax.Also, by forming an LLC in Texas, you may be subject to the Texas Franchise Tax.So really the only person who can answer the question of whether you need an LLC or some other entity/arrangement is a qualified attorney who thoroughly understands each partner's situation with respect to themselves and each other.If you need a reference to a good one, I have one. 

We asked our current CPA, and he's not completely sure since it's a pass-through tax situation.

Good Morning, I had a question regarding a situation.

I can not stress enough, you should redo the floor.

None of this may be true, but they won't take that chance and they won't put their clients in a situation where issues could come up.On the money side I just got a FSBO home listed at 389k under contract for 375k.

Are there any situations under which you would  buy a property with a negative cashflow? 

I'd like to learn more about the situation and see if I can point you in the right direction.

It's been awhile since I posted in the forums, but I'm having a really weird situation with my water heater.This is in San Diego, CA.  

I've never really heard of a better "win-win" situation than that.