This potentially changes everything....Please correct this inflated aspiration presumption:• Set up an SE401k, shift things around to fund enough to purchase a property.• Purchase property, get it rented. • All profit is tax free for life of investment - can live off this in theory?

Growth is moving out the shift is to the north near high tech corridors near the Domain (Austin's second downtown) out towards Apple's $1B planned expansion and tech row along Parmer lane and up the I-35 corridor.  

I think the flight shifting/movement makes the planks pop out.

Big shift in thinking!  

This has obviously shifted a LOT in the last year or so as competition has dropped dramatically, and buyers are able to be more conservative.  

Was originally looking at the heights but the prices seem a bit high, and so I have shifted my search down to Bergen-Lafayette.  

I have shifted my focus to using the BRRRR strategy along with your step #3 of private financing to complete the lifecycle.After having this experience and using social media for friends/family to walk the journey with me, They see me with more credibility and trust in me to engage in a financial relationship with them.A lender i'm currently working with accepted to do a lower PP because I'm refinancing #1, and purchasing #2 & #3 with him.

Personally I am happy with these properties as there is a value add through raising rents to closer to market value, shift utilities to tenants, and general improvements as the units turn over, which will then allow 10-15% rent increases given similar units in good condition in the area. 

The problem with LegalZoom is that the documents are not custom tailored to your particular business plan or business model, and do not necessarily adequate shift the risk where it needs to be.

I would have the operating agreement drafted by a local real estate attorney who knows your state's laws and you can explain to the attorney how you plan on funding and operating the business.My business partner and I have multiple companies that perform different functions:We have an LLC the funds our real estate deals, using either cash from the LLC owners, or raising cash through promissory notes secured by 1st and 2nd position notes and mortgages/trust deeds (Hypothecation).We have an LLLP (Limited Liability Limited Partnership) that we use to purchase properties to flip.We have an LLC owned by a C corp that acts as the holding company for our long term buy and holds.We have an LLC that provides real estate deal management services.All of the companies are associated with each other, but we use different business entities based on the function of the company and to provide liability coverage (managing and shifting risk).