As a Pest Control Operator, I enjoy these posts.

When you want cash, you've made it much more difficult.You are probably going to need to operate this property for several years and show strong income from the property to be able to get a loan without other income.

I have used a credit partner with the following terms and it worked well for both parites*Credit partner purchases property in their name and immediately transfers to LLC*50/50 owners per LLC operating agreement*Each partner fronts 50% of down payment and any renovation that is needed.Its a great way for an experienced investor to add a property without another loan in his/her name and a great way for a new investor to learns the ropes from an experienced investor.

P.O. boxes or no address at all can lead people to think you're a fly-by-night operation or a scam.

It points directly to conflicts of interest and non-aligned incentives that owners and PM's always potentially have (particularly those PMs running in-house maintenance operations from which they extract profit directly tied to the amount of usage).You did qualify that by saying they're doing the same with their own units, and I can relate to the idea of trying to push your building into a higher rental tier, which will likely involve removing your lower-tier tenants who likely wouldn't qualify at the higher tier.

I argued that couldn't be true because within 45 minutes away there are two different counties who operate totally different (more like the scenario you're referring to).

Knowing this, we tailored our operating agreement to include rules to work within this structure.The dissolution should be clear and understood by all partners and defined in the operating agreement.

When I was doing re-habs I'd always have a fsbo sign out front with "will co-operate with agent".

At least they weren't operating a "grow house".

Without an understanding of how the collateral will operate it becomes hard to evaluate the collateral and loan itself.