SFR is 2100 sqft over two floors (one is basement), both floors are fully-finished, water pressure is not an issue. there is no other rehab in the main house, so we will have to cut into the ceiling for just the retrofit.Thanks a ton!

Quote from @Rohit Sareen: An LLC is useful for two things: anonymity and legal protection.

This can be particularly appealing if the seller is facing financial difficulties, needs to move quickly (perhaps due to relocation, divorce, or other personal issues), or the property has little to no equity and they can't afford to sell it through traditional means without bringing money to the closing.

Would the property and the loan being in my name be an issue?

It all depends on the circumstances as to how much.2) Even then, tenants in Los Angeles have free legal services.

That way if you have any issues collecting rent you can contact parents as well. 

I would look into the syndication world as that will 1, probably be the best legal structure and 2, will teach you how to raise the money. 

I funded about 150 deals in Orlando for Armando Montalongo students and the wholesalers up there all had RE licenses.. so they were legal from what I saw. 

Federal taxation still applies everywhere: IRS.Would it make sense to open up some legal business entity in one of those states?

If you want to fund your firned's rehab deals as a lender, get a broker and stay within the legal areas you need to.