Thus, I was told the bank cannot take ownership of the home (to sell it at auction or as an REO) until the bankruptcy issue has been resolved.

And in most cases my partner and I invest our own money along side the limited partners.Despite all this, it is reasonable to expect that given a sufficient sample size the following will occur(1) A certain percentage of loans will become "problems" with periods of late payments and defaults(2) A certain number of these problem loans will result in foreclosure filing(3) A certain number of these foreclosure filings will result in the lenders obtaining ownership of the property through foreclosure(4) In a small percentage of (3) above the lenders will end up incurring a windfall profit.

However, according to my CPA Amanda Han, if I put my name on the title and my mom passes away, the taxes would not "carry forward" upon her death (at least for my 50% of ownership).

The ownership in the LLC is an asset that should be taken into consideration when dealing with divorce, marriage and prenuptial agreements.  

As I did not obtain or hold an MBA (not that you need one to be in business) I look fwd to your thread conversation on the LLC ownership, and/or why it is not necessary.

I have a few questions.1 - When making the offer do I list both of our names or do I set up an LLC and make the offer with the LLC.2 - If I set up an LLC how does the LLC borrow money.3 - How do most people work out the deal with partner possibilities:  50/50 ownership, 40/60 ownership since I'm managing and doing the work, etc.4 - Is there a set contract floating around out there?  

In this case, property ownership (via title and deed) through the LLC, but a mortgage owed completely and totally by the individual(s).It's a VERY strict interpretation and has it's basis back in the day when LLCs were brand new.  

Control Without Ownership With a Lease Option, you as a buyer can control a property without actually owning it yet.

As Mark stated above, proving 2 years of income is essential and write offs (as necessary and tempting as they can be) can place some serious road blocks on your path to home ownership. 

Hi James and Josh,I'd like to get into rental properties, starting with a single family home/condo and moving into multi property ownership.