My guess is I will not reach those numbers in the beginning (maybe ever) and need to be comfortable losing some money but gaining a place to stay.

I am a Florida attorney and I would advise a Florida client that an LLC is very valuable.

Just completed my profile and will be reading as much info on the forums as I can.I am looking to gain knowledge and discover the formula for making money and providing safe and affordable housing.I have very thick skin and will take advice well. 

I work full time, but I want to become involved in real estate "on the side" to gain passive cash flow. 

Likewise, the seller would take the sales price in the 1/3 and subtract out his basis in the 1/3 to calculate gain or loss.Something you may seriously want to consider here as well is property tax issues. 

I’m currently in the process of a Cash Out Refinance with a local bank to gain access to the equity with the intent buy more rental properties.

You seem like you could be a valuable person to have a few years from now if you stick with it.

Hi there,My husband and I recently purchased a property with a ton of stuff that I thought was trash, but is actually valuable. 

I wish I have more tax experience in real estate but I suppose I'll be gaining more as I invest myself and become more involved in the BP community :) My goal is to acquire 70 rental units in 7 years.

For example if I came prepared with the details of the deal I just finished to at least show them I’m not a complete newbie would that be valuable or would that come off as naive because it’s not the same type of investment as a 5-20.