Just be sure to double and triple check your numbers before pulling the trigger, and be sure to run it by a few people on here with more experience than you first.

In some states transferring property from your name to an LLC will trigger Excise tax as well.

As for the water damage, find out what caused it, fix it, and dry/repaint the ceiling.If these are the only issues you found, you should consider yourself super, super lucky!!!

Well, that is to keep as much money in your pocket as possible, vs. drying up your liquid cash reserves.

It’s not cut and dry.

My biggest fear is how many ppl are going to walk away from lease obligations as the job market has completely dried up. 

As Cuba Gooding would say in Jerry Maguire movie.....SHOW ME THE MONEY.Look at today's environment where a lot of hard money has dried up. 

I wish you well and hopefully you pull a trigger soon. 

just a suggestion.but this could be a situation were you keep your 4k liquid so you have reserves etc.go ahead and get one of those on line loans  like prosper etc that tend to have lower rates than CC .get enough so you can for sure make it habitable but do keep in mind refinancing with that low of loan is very hard to near impossible.so make sure you keep powder dry to pay for the payments and upkeep of the property. 

For myself, I’d like to start with flipping 3-5 properties and then transition to BRRRR, but haven’t pulled the trigger.