He does not charge late fees on rent although he claims they all generally pay on time.

I must admit that I fairly regularly check the activity on the forums, but I'm less diligent on checking the blog.

No one can do that on a regular basis (some may get lucky).But instead use a dollar cost average method of buying.

Then you can do a quit-claim deed to your new LLC.

If so what steps should be taken.Things I know need done are:Quit claim deed to put property in my name.

Since this is you first foray into landlording, you might want to consider how you feel about tenants calling you regularly with problems.

The loan might require the borrower to disclose certain financial info to the lender on a regular basis.

You have gotten basically good advice, it seems it wasn't what you wanted to hear and seems you were called out based on your claims as being a broker, implying a licensened mortgage broker.

Here are the numbers:Asking price: 120KUnits are 2/1's, rent for $600 eachBuilt in 1959Tenant pays heat and electricIncome: $600 x 4= 2400/month and 28.8K/ yearlyI used the 50% rule to cover expenses, but some of them would presumably be:Insurance: $115Taxes: $357Vacancy: $240 (10%)The property seems to some sense using the 2% rule (2400 a month rents is 2% of 120k).Financing: I plan to live in one of the units and use FHA financing.FHA down payment of 3.5%: 4200Loan of 115,800 at 3.5% interest= $520 monthly paymentAfter 50% Rule, $1200-$520 = 680/4 = $170 profit per unit/monthlyI have just a couple questions about the property.The owner recently bought it and replaced the windows/doors and claims that the building is in good shape. 1.

I could also really use some passive income because I have tax losses on a SFH that I can't take out of my regular income because of AGI limitations.I really appreciate any help, thanks so much.