In order to get a license I need to have a permanent address to register the business under.

To have a "legal" transaction the only things you need is property address, contract signed by both parties detailing terms, and proof of funds to close.  

Real Estate is a very effective get-rich-slow scheme!...

Also, your sibling still effectively gets a discount since 50% of it goes to paying him/herself.In regards to what should be in the operating agreement, the attorney who drafts it for you would be in the best position to answer that. 

So you'll need your LLC to have bank accounts, check books, address, everything.Or you can just keep it in your name and get an umbrella insurance policy.Also, if you do not have a ton of equity in your property, then you have very little for someone to sue you for... 

Effectively what that did for us was amortize our $30k Heloc over 30 years at a lower interest rate.

So if we are using this business credit card to buy some of the materials for the reno, then we rent it out, then we use the cash flow to start paying the balance down, how will that effect the cash on cash return?

And an anonymous email address!

Both have homes that probably are behind in updates and repairs so they won't be expecting top dollar for the house.Always be sure that whatever list you get that it has been run through the National Change of Address (NCOA).

This has the effect of decreasing percentage returns, since additions to equity increase the denominator of return calculations.