Form a JV (joint venture) with some friends (specifically 3) and purchase all cash.Examine the title to verify you have ONE property with 3 units.Buying all cash, you should be able to vest title so that each investor gets one unit.

Not sure if anyone mentioned this:  get together with some other investors in your area to form a buyers' group and use this to leverage the Pro desk at Home Depot. 

Any suggestions on how to FORM a REIA?

The pro-forma (I know to take this number with a grain of salt) comes out to $5,081 in net profit per month after expenses, management, vacancy, and maintenance has all been accounted for. 

In my opinion, it's legal suicide to form a multi-member LLC on your own. 

I read that it's best to form a partnership by representing myself via an LLC rather than as an individual-- anyone have thoughts or experience on this?

IE there is a big difference between spending too much on cars and embezzling form a former employer.

If true, that's pretty good deal I'd think.Remember (and ask a CPA), you can only depreciate improvements, so you'd have less tax-shelter than with an apartment.In any case, get an ACTUAL (not pro forma) operating history for as far back (past 2 full years and YTD) as you can to verify and check for seasonality.OOC - I have no clue where Streetman, TX is, is the park close to a major freeway and is there activity outside the summer?

I would not form a llc to start.

Here is my plan and please let me know what you think of it.Finance the house and get my $107K out after I have a tenant in and move on to the next property and continue doing the same.I have a business that is doing well and I don't need to be making money in real estate at the moment.I am going to form a real estate LLC and as long as the LLC breaks even I'm happy.