You will want to discuss with a CPA or an attorney what state to establish the LLC in (the state you invest in, NY, or NC).You can write the operating agreement yourself to save money, but you may end up regretting it. 

Proforma EstimateActualNotesClosing Costs$2854$4086%43 higher than the estimatePre-Pays$0$734I was told that M.I.P does not try to estimate pre-paysInterest Rate5.25%5.375%I put 25% down, the delay in closing caused me to obtain a higher interest rateProperty Taxes$97$97Spot on (2017 records)Insurance$40$52I used Lipscpomb, M.I.P .recommendationVacancy4% (14.6 days a year)Since tenant vacated 26% (95 days)Since my ownership 5% (21 of the 95 days)    Overall Summary:Overall, I would recommend Norada and M.I.P.

I own a condo in San Jose and the HOA is currently $460 a month and may only get higher as they will eventually need to replace the roof and who knows what else.. we bought it about 2 years, 2 months ago and we are discussing a deal with someone to sell.

I guess my question is, isn't it better to leverage what you have (to obtain more properties), instead of having all the cash tied up in just one property, even though you own it free and clear?

Juan,As someone who is interested in finding REO opportunities in a different part of the country, I’m curious as to what you’ve learned about the process since posting this discussion.

Looking for a recommendation for an online solution to obtain my real estate license here in Los Angeles.

I would imagine that the interest rate that you obtained from a hard money lender would be fairly high.

We haven't discussed numbers yet, I'm just ready to get my 1st wholesale deal in the books!

Connect with me and we can discuss offline.

What you'll find over time is that all 50 states handle contract law slightly differently and you need a real estate closing attorney who is willing and able to do double closings - not all are.Call attorneys to discuss - check with investors at your local REIA meetings to find out which attorneys in your area do double closings - find a local attorney who will walk you through the process.