Rental prices are below what they should be, and as tenants rotate out, rent will be going up, after minor improvements are made in each unit. (10 month ROI for each unit's upgrades, at the higher rent tier)After rent is at the higher tier, profit each month will increase to roughly $1500/mo.I know forming an LLC will be in my best interest for this, but here's where I'm not finding anything useful online.My personal credit score is about a 590, and my fiancee's isn't much better.

http://www.biggerpockets.com/renewsblog/2013/08/17/rental-properties-llc/

Great age for reading self development books: Rich Dad series, Millionaire Next Door, etc.  

If you can get it for 390k, you'll have a 4k/month job lined up :)I think I used all your numbers and came up with these:Down Payment $157,500 Remainder of closing costs $7,500.00 Total Due at Signing $165,000 Mortgage Rate 5.00%Length of Mortgage in years 20 (commercial)Monthly Mortgage payment $3,118.29 Taxes $516.00 Sewer and Water $152.00 Trash $76.00 Heat/Utilities $125.00 (This is my big question mark)Legal $41.67 ($500/year for LLC filing fees)Cap Ex and Ops $450.00 (this is $400 + $50 for gardening)Insurance $333.33 Mgmt Fee $950.00 Vacancy $950.00 Total Expenses $6,712.29Total Revenue $9,500.00 Cashflow/month $2,787.71 Cashflow/year $33,452.51 Cash on Cash Return 20.27%

My LLC is formed and i think i have my 1st Deal.  

Also, many questions regarding LLC/Taxes/growth/mistakes/location, location, location, etc.Look forward to the adventure, relationships and experiences ahead!

Baker, MBATexas Housing Partners LLC / New England Partners [email protected]

Buy through an LLC and sell the LLC

Secondly, why are you purchasing it through an LLC?

Just thinking creatively here...Question for lenders: Would it be possible to put the title of the property in the name of an LLC?