Either way, this product seems to work for my purposes, and I could not do anything with my home equity right now and just talk big and brag about it, or I can put this money to work for myself and invest it in a performing asset some 3 properties in the Midwest, and have them paid off with this loan in 10 years by the tenant and then own 3 properties free and clear. 3 x $420 Net Income = $1260, which is a wash towards the Equity loan. 

We would exhaust a majority of our loan initially obtaining the property with probably only about $5k left for renovations depending on how negotiations go.

The main purpose is for asset protection.

I like hearing from people who have obtainable portfolios.For the record, I also schedule the guests for both shows - the BiggerPockets Podcast and BiggerPockets Money Podcast.

At the time we obtained the SFR we knew nothing, but our agent had some rental properties so she let us use her lease.

Hello all, I am new to REI and trying to obtain all the information I can.

Part of me is weighing whether or not I should just pass on this deal and just purchase 5 or 6 nice turnkey properties (sorry, I know that's a very newbie-ish comment to make.. and a total disregard for proper asset allocation).

That said, most folks here will hold their properties in LLCs for the asset protection benefits that the structure provides.Here is an article that explains the benefits of the LLC structure - https://www.landlordology.com/landlord-rental-llc-... and another https://www.legalzoom.com/articles/forming-an-llc-...As for the house hacking you are considering, if you go with an FHA style loan you'lll have to live in the property for a while.

One asset becomes a complete loss on vacancy and the other simply lessens cash flow.As for the rug rats, I wouldn’t know.

The basics - tax returns, bank and asset statements, pay stubs, income verification letter, etc - remain the same.