It depends on how much you paid for the property, how much you need for repairs, and the ARV.

You know what they say:  its tough to find good help.Letss see, whether all properties will have non-cosmetic issues really will depend on your neighborhood / location. 

Yes, a wide range of prices and decent cash-flow depending on where you're investing. 

It depends on who services the 401K plan.

Hi John.It really depends on how recently you received the gift.Typically lenders request bank statements for the past two months.

Depending on the experience we may opt not to go the LLC route and try to establish other strategies for asset protection that is consistent with management and cost minimization.Would appreciate hearing about the experiences of other real estate investors, including about the pitfalls to avoid with this kind of structure? 

There will be closing costs on both refinance transactions, and depending on the loan type, there will be a prepayment penalty. 

@Celine Suzzarini It's really going to depend on what your lease agreement states and likely what city your rental is located in as there are some city specific ordinances that could be a factor. 

@Hoa Nguyen it depends on your terms.  

My best advice is the manage the debt better on property #2(as in recast this), evaluate rent appreciation on #1 and depending on income if you do buy a primary-- you better pay cash.