Quote from @Michael Izbotsky: @Ashish Acharya My SMLLC was created after we married, so couldn't that argument carry over that the LLC is "owned equally by both spouses"?

Be wary of front loading on the itemization/draws in the contract. 

Here are a few key items that help us stand out from other companies. 1- We act as the bridge between landlords and tenants.

Second, your lease should indicate what items are included/covered by the landlord.

I just added laundry to a unit and need to update the lease with a laundry line item.

Unless those items are all satisfied (except for housing violations and some non-monetary liens which follow the property), the department of finance will not allow the deed to pass through to the next stop in the recording process.So even if you wanted to dump a property that was totally upside down with liens to someone who was willing to take it from you, you can't do it.

The length of time you're carrying debt is a factor to consider. 

Obviously, I’d have to account for utilities and furnishings- I want those that have experience in this area and then maybe I could converse more on such items to look to before signing a contract.

@Marc ShinLike @Andrew Steffens said, for big items, go with quality.

I run sum numbers for you please see comments below before refinancing and post refinancing .If I were in your position, I would approach it as follows:Initial Investment Assumptions: Market Value: $360,000 Purchase Price: $360,000 Equity: $0,000Financial Breakdown: Hard Money Loan (LTV 100%): $360,000 Interest Rate: 10% (30-Year Amortization) Monthly Payment: $1,995Upfront Costs: Origination fee (1%): $3,600 Closing Costs (3%): $10,800 Renovation Costs: $10,000 2 Month of Carrying Costs During Renovation: $5,390Total Upfront Required: $29,790Total Capital InvestmentPurchased price $360,000 Upfront Costs $29,790Total: $389,790To make this investment work, you need to rent the whole property for at least $3,165/month, refinance it let say after one year with 5% interest with a traditional mortgage.Year One Rent: Monthly Rent Income: $3,165 Monthly Rent Losses during renovations (2 Months): -$6,330 (-$527/month distributed over 12 months) Total Rent Income: $31,650 per year => $ 2,638 per monthMonthly Expenses: Hard Money Loan Payment (10% Interest): $1,995 / per month interest only Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $292 per month Assuming 0% Vacancy first year Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $2,637Monthly Net Cash Flow: $1Post-Renovation Refinancing Strategy:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate your initial investment of $29,790 plus your 360k debt into a mortgage.