Well, one, I'm not sure you'll get large enough limits to allow you to buy anything but a gut rehab in a horrible area.

And my comment history will show how horrible I think SD is for RE investing (even though I live here and think it's paradise. 

I'd agree with that.Comparing appraised values to contract sales prices as the metric of "good deal," there does seem to be some correlation between that and "horrible job marketing the property" on the part of the listing agent. 

Hey guys I'm completely new to this right now I'm working as a finish carpenter and I'm getting by but i am about to have my first son any day now and I've been watching podcast and trying to learn how to get started because i want to give my son the best life i can so long story short i have no money my credit is horrible but my wife's creditor is a 690 and were working on building hers higher so we can get started i want to stay buying rentals maybe a duplex, triplex, or an apartment and live in one and rent out the rest but don't know where to look or how to get started any help or guidance would really be appreciated

Sorry to hear about your horrible experience!

But I stuck to the bread and butter of Vegas rentals, SFR  Either your PM is doing a HORRIBLE job of attracting good tenants and screening out the bad ones.

We have had our first experience with a horrible tenant.

An awesome handyman and a horrible dancer!

I won't even go into it much except to say this is a horrible deal.The loan you are talking about is hard money.

At that point there's no reason not to get an LLC, unless you live in a state with very high registration fees (I'm looking at you, California).From a liability standpoint, LLCs provide more back-end protection in case things go horribly wrong and someone tries to sue you.