@Steve K.I would rather goto Vegas and bet on the craps or the slots .

Main thing for you is: - Have both you and your buddy talk to the same lender and get pre-approved to understand down payment options and what your combined budget would be- Decide how you want title held (joint tenancy or tenants in common) - do a google search on this to see which option is best for you guys- START SHOPPING!

There are seasoning periods which means you have to wait if you want more cash out if the property because of property improvements, time passed or a combination of the two factors.

Though to be fair there are probably more than a couple of pension plan managers that are probably crapping themselves right now.

@Chris Seveney finally a thread that helps justify combining the topics of tax liens and mortgage notes on BP, ha. 

Unfortunately most investors believe their excel spreadsheet will provide all the answers but I recommend combining your pro-forma with a greater emphasis on physical interaction with the properties and more importantly neighborhoods where you decide to invest.

I understand that isn't what you thought initially but 15k is insane to get what you got and ended up with.There is way to much social med. crap that "get rich quick" is a pure and total smoke screen regarding real estate.

All that "certainly yes" cheerleading (and other Grant Cardone-style baseless crap) is best ignored.Read this older thread that states my opinion on the issue:https://www.biggerpockets.com/forums/51/topics/1124042-tax-d... 

That's typically where you'll find a nice combination of the better school districts, sales prices, and rent prices.

Hi Tejas, You can keep many properties in one LLC combined with a Land Trust for each one.