The thing is, wholesaling doesn't do much to teach you how to rehab....Underestimating the amount and cost of the rehab is one of the biggest dangers for the newbie.

We had a tenant start a fire once, and the other tenant in the duplex threw a fit that they were in danger.  

It touches on the dangers of buying down points if you think rates will drop.  

Idk why she’s taking so long on this” (There is already another dog in the unit from the second tenant, and FYI my dog is an Aus shepherd mix, so he's not a dangerous breed).That evening I get a text from the landlord telling me she verified my pay stubs, and asked for picture ID, which I sent within the hour.

My first flip was in a flood plain....The 100 year map had the corner of the deck in the flood plain, but common sense showed there wasn't really any real danger of flooding and the property never had any issue in the past with this.

This level of confusion can be very dangerous, especially if you both have already signed papers to hold deed to this property and are both 100% liable to the mortgage.Pay the cost upfront for an attorney to draft everything out between you two now, or deal with the pain and cost of attorney fees, lawsuits, time in court, and all the time lost.

Making individual deposits of <$10k, to be below the threshold, or doing anything else to avoid that form being filled out and turned over to law enforcement, is a distinct crime of it's own, too.

I am in a similar predicament and some I know are suggesting that I need 3 different LLCs to transfer to for 3 distinct rental propertiesOriginally posted by @Curtis Prince:Originally posted by @Tyler Mulcahy:@Curtis PrinceDo you have them under your personal name?

Avoid Springfield, unless you feel capable of self-managing multis rented entirely to Sec 8, knowing that even going into those areas can be dangerous. 

The danger of the LLC isn't that it will hurt you, but rather that it will give you a false sense of security.