It's all great advice above, but I wanted to add a recommendation that I don't see as often: don't go cheap on your washer and dryer.Nobody wants to work 12+ hours and then go home and fight a tiny washer and a slow dryer.

I'd rather trust that someone pay an assignment fee (based on your word of mouth referral) and not get paid then the other scenario. 

I really like the idea of buying cheap properties that need a little love, rehabing them, and then selling with seller financing.

Could you rent your primary and move into a new multifamily to save expenses that way, then move out in a few years?

But since J properties generally depreciate over time (not like properties back home which appreciate), the idea of sinking cash into a property that is worth less five years from now is not terribly appealing.Like you say, then the question is what sort of yield can you get, and will it cover the deprication losses?

If you as good as bank's underwriter, then invest.Try to get LP education from this guy, I contribute to some of his teaching as well.

Which she then may have opportunity to 1031 to avoid the 20% cap gain and 25% depreciation recapture, So overall its a pretty good investment if it pans out? 

Then you spot “Vinnie’s Beer, Pizza and VCR repair” is paying a 50% interest rate on the money it borrows.  

., before December 30If the earliest possible date investor was actively carrying on a trade or business was December 30, 2004, then any expenses incurred in that year but incurred “before the day on which the active trade or business” began, all the expenses incurred from January 1 through December 29, 2004--would be, by definition, start-up expenses whose deductibility, and possible amortization, is expressly dealt with by section 195(Start up amortization).

Is it possible to take out a mortgage under our personal names and then convert it to the LLC later?