Do record your mileage travelling to and from the rental for whatever activity you need to do there.Not sure if you need the separate LLC to achieve any tax breaks in the situation you've described.

After a lot of hard work, I achieved success and my mind went something like “is that all there is to this”?

I told him my plans and he seems more than willing to help me achieve them.

I am assuming you already have a message you are giving them based on what you want to achieve.

The property itself is a loser.Well said Jon,I think what most people forget about the 50% rule is that it should always be calculated assuming 100% financing regardless of if that can be achieved or not.

Tips:- Build your credit starting NOW- Start saving money NOW- Start reading everything you can get your hands on about real estate NOW- Start networking with other investors -- try finding a real estate investing group/association in your area- Once you have some base knowledge, start putting together a plan of action to achieve your goal -- it will likely consist of various intermediate steps you need to take to get to your goal- Start looking at and evaluating deals so you know what a good deal looks like (and doesn't look like)- Ask lots of questions along the wayIt may take a few years to get where you're trying to get, but if it's really what you want, you won't give up until you achieve it...

I think diversification is necessary to fully achieve success in any endeavor.

So, here's the question:If you completely ignore the current price negotiations and the current appraisal, what purchase price allows the property achieve the financial goals you've deemed acceptable?

Is the most difficult to achieve, having partners who understand the role of the other partners and trust that decissions made by them are sound and well executed.

I am trying to figure out the best strategy that would allow us to achieve both anonymity and liability protection.