Once that happens, you'll learn how to buy without banks and will discover that purchases are much faster and easier.

After discovering the wealth of knowledge that is BiggerPockets, I immediately cancelled the coaching (yes, they refunded me).

I was excited to begin my REI career before discovering this site.

In digging around I discovered that it is owned by Citibank...yum.

But when I discovered this opportunity I thought it would be a good way to A. have other parts of the property already generating income, thus subsidizing some of the operating costs of the restaurant, and B. have an out if the restaurant doesn't work since I could lease the space out or sell it outright without having to sell the other two properties.

There are 3 big "components" (can't come up with a better term at the moment) to forming an LLC (or any business entity): 1) Formal paperwork to be filed with the state;2) Internal paperwork (e.g., operating agreement, bylaws, meeting minutes [if any], etc...); and,3) Understanding proper proceduresFORMAL PAPERWORKThe formal paperwork with the state is pretty simple and straight-forward: typically you need to state the proposed name of the entity, the address of the entity, name a statutory agent who will receive notice of official information, name of who is forming the entity, and signature of the person forming the entity.

When the plumber arrived to fix the cracked pipe, he opened up a small exploratory hole and discovered that the pipe goes ONLY to the kitchen sink of the unit above.

When you discover a tenant has caused severe damge what do you do?

I'm a little embarrassed to admit it but looking back a few years ago when I first started focusing on REI, I thought I discovered "the secret" to making TONS of money on a CONSISTENT basis by flipping houses- just like the "guru's teach it.

A journey where I discovered B.P. and its wealth of knowledge and advice, helpful contacts in my area and a plan towards financial freedom.Thanks all.