That might be a poor example since you may not be able to command millions of dollars as a professional golfer.

The people that I know who "cut and ran" usually regretted their decisions.

I also beleive that if the home is purchased at the right price and sold at right price then there is a deal whether the market is poor or not.

If you choose to do this for real asset protection or tax sheltering, though, it is worth seeking an attorney because a poorly set up entity will provide neither asset protection or tax shelters.

I've only got about 1% of the knowledge I would like to have about RE so I'll continue to poke my nose around here, read something else there and hopefully I understand to the point where I'm comfortable making decisions on my own properties and helping those that need some guidance.hillbillywilly

I guess the real decision that Rvalles needs to make is whether or not he is discipilined enough to either make some payment to prinicipal every month or make sure he follows an exit plan to make sure that he is rid of the property before the IO period is up.

However, once someone has had a hard time for 3+ years they learn what it's like to have poor credit and not being able to get what they want.

I'm thinking about the following1. form an LLC of which all owners are members and are all actively involved in the day to day operation of the business2. we make decisions together, though most of everything will be specified up front in the operating agreement (what we will buy, how we will spend money, and how we make decisions about when to buy, when to sell, etc)3. make sure to include clauses about "how people can leave and get their money back" and "how we can force someone out of the group" -- these will all be family/friends, but you really do never know what will happen with people and money.my questions are:1.

I've really only read one, "Rich Dad, Poor Dad for Teens", which I was given to read randomly by a family member.

Make sure that you are including ALL of the expenses of owning this property before you make the decision.