Alternatively, do we need to set up an LLC and purchase the rental through the LLC?

You should also consider the Private Lending space as an alternative to this approach, which is a LOT more passive, and can generate exceptional returns with a secured asset as collateral.

I am in the process of selling an older, somewhat run down Victorian-style house. I, of course, want to make the most that I can off the sale and while I am eager to invest in more properties, the town in which I live...

Guests are coming back, and we have alternative solutions for all of our clients and ourselves.

. ($250)If he does plumbing, a lightweight aluminum monkey wrench (cheap option) ($30)If he does drywall, a RotoZip tool and some bits. ($50)If he's more on the small projects side, a Dremel rotary tool with a lot of accessories. ($100)If he's been doing this for a long time and does all sorts of stuff, a Fein Multimaster kit. ($300)If he tends to work alone most of the time, a Rockwell Jawhorse. ($200)If he has a 10-inch table saw, and most of us do, a Freud thin-kerf combination blade. ($80)If he messes around at all with granite or marble slab, a Makita wet stone polisher ($300)If he does wood flooring, pneumatic Bostich Mark IIIFN (Flooring Nailer) ($350)For that matter,the right 16-gauge manual nailer (Bostich MFN-201) ($220)Any sort of roofing, buy him a heavy-duty climbing harness ($100)Good sized air compressor for woodworking and painting ($200)If he does tile, he likely has a big 10-inch tile saw with a sliding table, but he'll still appreciate a more mobile Ridgid 7-inch saw of the same basic design.

As a side note, I'm a middle market multifamily guy...but talk to owners in my market all the time following the program having great success...managing 100+ doors all on that modelAlways great to have an alternate worst case scenario plan..in case your municipality does away with STRs...If the City of Boca Raton allowed them, I'd acquire way more deals..

Alternatively you can 'condo' the two family into independent units so valuation is higher for the cash out refi as long as you're OK not having a ton of cash flow but more cash in your pocket. 

If you are going to brrr a better alternative is hire a 3rd party home inspector prior to bringing in a pm or paying your gc his final payment and make sure its a good amount for the gc. 

Alternatively, if you're going to have a lot of properties that you need to obtain ownership information for, you might want to consider utilizing a paid service like Property Radar or Property Shark.

Over half (56%) reduced spending so they could service mortgage payments.Since mid-March, or about the time when the lockdowns began, nearly half (47%) of homeowners have explored alternative ways of making money.