I thought about delaying the move in date until the security deposit was in hand but then realized if they have issues with the deposit they would likely have issues with rent.

Just a thought, are you in a position to develop other smaller project and learn from those experience first? 

Some great stuff here that is incredibly well thought-out and will be super helpful for anyone looking at the Winston-Salem market.

It acts as an emergency fund In my opinion while it’s not deployed anywhere, and god for bid you have a large capex item go that you might not be 100% prepared for and you can resolve it immediately.

This may be your best bet as it lets you hold off on formation, but its important to make the title company and the lender aware ahead of time so they can update title and prepare the loan docs with the correct entity name.

As I was preparing my taxes, my tax professional advised me that management LLC is redundancy and it doesn't make sense to have, it's like moving my money from one pocket to the other.

I found it on Google, thought it was a scam but figured I'd try it anyways for a few months.

The question you want to ask whoever prepared the title report is, if you bid on the first loan or on the second loan and they will tell you.

Great thoughts Steve, very informative. 

Currently we are looking at a new Primary residence around $700k. Current primary appraises around $625k and I owe $100k on it. We currently have one significantly cheaper rental that has been working out well and has...