And is there an annual fee to maintain the LLC, how much is it?

I'm currently based in Phoenix, having originally moved from Washington State.

Withdrawing 401K entails a 20% tax cut and 10% penalty fee but I want to use it to being my real estate journey and exit my 8-5 in the next 2 years.

This means your cash out proceeds would be 80% of the appraisal value, minus any fees associated with the transaction.

Some states give you a unique license number and some just use your original identifying number.

I'm originally from San Francisco, CA and started investing in 2021.

Originally posted by @Jake Hottenrott:@Eran Withana - Look for value and not at the price. 

I've calculated the mortgage payment to be around $5500/month with a 6.6% interest rate and 20% down so that means the property will be in a negative $1600 without even counting capEx, vacancies and other fees. 

Even if you have to pay more for the purchase think about the costs of carrying the real estate while waiting for the approvals  (debt service, property taxes, insurance, maintenance for the in-place tenant) and the additonal finance charges associated with originating an acquisiton/bridge loan and then a construciton loan at a later date. 

We own 2 stilt Beach houses in ocean lakes which is basically right on the line of Myrtle Beach and Surfside.Were from Michigan and originally were going to buy in Florida but found that place in covid and never looked back.