Could/Should the 2 LLC's be tenants in common for the new property purchase?

For your city google real estate investor association <your city>. 

They can:1) Put language in their agreements allowing them to place liens2) Some counties allow a purchase contract to be recorded as a lien3) Most though, do it borderline illegally

For example my simple spruce up would be, renno bathroom, and kitchen, paint, and redo carpet upstairs.But if i think real deep into what I could do to make it a STUNNER then I think, knock down walls, create more open/broken floor plan, add central air, possibly do an addition to add a 3rd bedroom and second bath.So when you could do ANYTHING .. how do you draw the line of what you should do?

Here’s how payments typically break down:- **Principal and Interest**: This is the amount you pay to the seller based on the agreed-upon loan amount (purchase price) and the interest rate.

I’m now at a point where I feel ready to start investing in real estate.

The purchase contract stated our group was to receive a prorated portion of rent.

Here’s a breakdown:For real estate investors, the $25,000 Real Estate Loss Allowance is available if your modified adjusted gross income (AGI) is less than $100,000.

Congrats on your property purchase in Niles, a great NW Chicago suburb!!

As long as they are working real jobs and have a bank account, you can make them pay.