Here's how I have mine setup, you can determine yield, APR and IRR at any point you sell in the future (formatting doesn't translate well): Performing Note Profit Projections             Original Mortgage Balance $ 70,000   Rate 9.0%   No.

My fiance and I have purchased three properties, all in different states (CA, FL, TN).  We opened up an LLC and EIN in the state of Florida, but we don't completely understand the next steps.  I've heard it's a fairly...

A title agent or attorney can help you ensure you are using the proper language.The document must also be properly formatted and composed, where a local professional familiar with county guidelines is very helpful.Also, it is vital that you correctly reference the property's legal description.

As far as LLC formation, people normally just try and find the cheapest option or go with the state that they will be purchasing the properties in for transaction ease but its not required.

@Carrie Gajowski I like the info from Mat's podcat/youtube channel (search for Mat Sorensen). 

While I agree that porper insurance is a must and can be a quality way to operate your rental biz, there are a few extra advantages to the LLC format.1.

Simple format and easy to use.

I would just recommend that you get another mailing address that is not a PO Box format.

Also, the state of formation is likely where internal disputes would be brought among LLC members, so if you and a partner and/or spouse live in CA, you probably want to arbitrate in CA if the two of you had a disagreement.

@Virginia Reasor I used http://trainagents.com/They have text format and audio.