We had 2 separate attorneys reveiw our files and they both ran their own background checks and they both said that we did nothing wrong, we got scammed.

As added insurance, I would recommend filing a separate tax return (probably a 1065 partnership return) for the LLC, even if it's a single-member and not technically required to file a tax return.

The law views an LLC as separate from you personally, as long as you follow a bunch of rules (ie, don't "breach the corporate veil").

Refinance, new investment and sell primary: Refinance primary to get ~$50k out, find a separate cheap investment property that can cash flow (aim for under $250k purchase price so we can put 25% down), and then sell the primary at end of next year to get remaining equity out to use as a down payment for a new primary (assuming it will be about $80-$100k net with expected increase in value due to being in a hot neighborhood and purchase price of ~$500k, know it's less than 20% down)Considerations: I am expecting the next primary to be a place where we spend 4-5 years max (expecting significant increase in career based income after initial partnership buy in).

However, I would like to set up an LLC so that I can start a business bank account to separate all revenue (monthly rent) and expenses (renovations, utilities, etc) from personal expenses. 

I know the 15yr rates are better, but the interest difference seems a small price to pay to gain a few hundred dollars or so per month of spending power.I too like the approach of using a HELOC on my primary, rather than a cashout, as the bill is separated off, as I don’t pay for money I’m not using, and as the LTV can be above 80%.

I plan to have a separate SMLLC for my wholesale business.

Basement has a huge 1 bedroom with closet space, full kitchen, full bathroom and also had separate entrance.

Basement has a huge 1 bedroom with closet space, full kitchen, full bathroom and also had separate entrance.

And plumbing subs are commonly billed separately.