I have clients who have flipped multiple properties there as well. 

We like to be able to go in and add real value to our deals to the extent that we can achieve an equity multiple of 1.75 to 2 for our investors.Lots of other details that we look for before investing in a detail but generally speaking that is what a goos deal looks like for me and my company.

Or even a cross collateral / blanket loan across multiple properties with small amount of equity in each.

If you’re serious about rental properties you could take the $400k and buy multiple properties with multiple units in each property and have a significantly greater monthly net income.

Lenders are not always licensed in multiple states.

In 1996 could represent multiple purchases for that amount.

Here's my situation, I live in LA so the housing market is bonkers, a $1.6 mil teardown getting multiple offers the first day on the market is common.

The information I got is mostly from: www.newmexicoregisteredagent.comNow following that thought, as the RE investment funds held in my LLC will be most likely be LLCs with properties in multiple states, when they file K-1s in various states, is my LLC required to file in those states as well? 

from the documents a few BP folks sent to me a few years ago. it looked like they were investing in multi beneficiary mortgages IE multiple investors in a fractionalized mortgage.. which can be argued is a security .. in CA they are quite common but you have a specific disclosure document that must be filled out by a real estate broker .. it lets you know who the co investors are.. which is really the rub here.. none of these folks know each other.. and of course this is always the rub in a pooled syndicated investment that goes south.. 

There are some potential cost savings that can be duplicated across multiple properties, but it’s important to understand what the rental history is and has been before making any offers or signing letters of intent.