Renovations and dispositions before the financial world fell apart…As my partner and I both realized we didn’t have a lot of interest in running the operations of our real estate investment company, we began the process of preparing to sell what we acquired.

So many questions to unpacked, but if this is the asset class you want to get into I would go all in. 

Hello Everyone,I purchased my NACA home more than 5 years ago, and I obtained a HELOC on my home last year.The financial institution that approved and funded my HELOC was fully aware of the NACA Lien on my home and continued with the process either way.Also, I am not in violation of the occupancy requirements.What would NACA's actions be?

Hey @Colin Sexton, Ideally you would want to protect your asset in an LLC.

You could loan on that, let the $ season for 3 months in the borrower's account, then record the lien on this asset  or the original one as a 2nd.  

Unpopular opinion: I think this question should be answered by Financial Advisors instead of Lenders (and that's coming from me, a lender).

But what I do like is the FbI back ground and having to provide a financial statement..

In general,LLC will provide basic asset and liability protection and allow you to get its own bank account, where you can receive money, pay expenses and distribute profits.

How long it takes to be financially ready is different for everyone.

The main point I always stress with investors is, do you want to actively manage an asset, or are you ready to invest more passively?