Plus you'll have two sets of closing costs, once for the purchase and once for the refi.I would also never do a 1 year balloon, too short.Finally remember with the LLC you can't do conventional financing, only commercial with higher rates and shorter terms. 

So 99% of the time, an attorney watching for contingency dates would not allow a contingency to be blown, putting your earnest money at stake (ideally). 

BRRRR(R) (I can never remember how many R's there should be) seems like a good fit and strategy for me.I started actively looking and analyzing opportunities about 2 months ago and have put in a few offers but nothing seems to stick yet. 

I deal with more protection for my business since I'm a contractor but this seems a bit overkill.Carrier: ScottsdaleSix-Month Premium: $1179.5625% minimum earned premiumCoverages & Limits:Commercial Property: $125,000 Building Limit – Special Form excluding theft; $2,500 deductible; Replacement Cost Coverage; 80% CoinsuranceCommercial General Liability:$1,000,000 each occurrence; $2,000,000 aggregate limitProducts-Completed Operations Excluded; Designated Premises/Project Limitation included.Conditions: All subs must carry equal or greater limits of liability naming insured as Additional Insured, hold harmless contract in favor of insured, with Certificates of Insurance.Thank you in advance for your consideration.

Remember they're messing with your bottom line!

I am looking ideally for a multifamily 2-4 unit property costing less than $300k that cash flows.

The days of just using the MLS and getting a realtor to find value in most markets are long gone.You need a distressed owner or a good wholesaler or a different market.I remember the frenzy of 07' being like you decribed... right before nobody could sell anything for years and values crashed.

No matter where you choose to invest, it is important to remember that who you invest with is of vital importance.

I agree finding a value added opportunity would be ideal.

-- I let him know what I was going for and he critiqued and provided positive feedback of why not consider doing X,Y,Z.We are meeting up again on Tuesday for lunch and I'm compiling a list of Questions, both to get feedback and I want to put together a list of questions anyone would want to ask if they were a new investor getting into real estate.Now I have a basic list of questions to ask, but because I've never really thought/considered/known much about RE I don't know what to really ask, any seasoned investors remember their beginning and some questions you wish you had asked or learned of before jumping on your first deal?