He can't 1031 initially into the LP. 

Thank you, my plan is to do short term hard money financing initially to buy a few properties and wholesale to then buy a rental before I have access to my own funds.

I'm looking to become a real estate investor and start generating passive income so I can get out of the rat race. 

My initial thought and strategy was that I could find an investor to purchase and do a double close type transaction where I would use transactional funding to purchase under an LLC, and then sell the LLC to the investor for my "assignment fee."

I’m looking to cash out on my businesses in the near future and move back to Phoenix and start investing in real estates.Phoenix is where I would like to settle in because I have a lot of family there.Currently have a property in Long Beach that I owned with another partner, it is generating a good positive cash flow and has appreciated a bit since we purchased it.

I’d say it depends a bit too on the type of properties. 10 single families is very different that say 10 quads, that’d be 10 vs 40 different rents.If you have a manager, they’ll usually input it all into a program that generates monthly reports and end of year reports etc.

However my main issue was trying to figure out how the numbers would look as I tried to pull my cash out of the initial FHA loan.

@Sang PakBanks charge a loan origination fee to generate a mortgage.

I did foundations on both, two kitchens, repainted both of them, repointed the brick one before I repainted, and a paid for the initial pest control for both properties.

If you're starting off with a few word of mouth clients, I don't really see any initial costs.