Working at my current 1099 less than two years eliminates my ability to get a loan from a bank.

He has agreed to do the day-to-day management of the property (long term, as I accumulate more assets, I would consider hiring a property management firm).Looking to get some advice/call out any pitfalls in my assumptions:Focus on low cost, 55+ communities in Boca Raton/Delray Beach Area (Century Village, Kings Point etc.)Setup an LLC with my dad and myself listed (otherwise, my options to purchase in 55+ communities would be limited)Properties must have a net operating income of $1,000/month or more, expected rent $1,600-$2,000HOA: $450-$550, Insurance: $50-100, Taxes: $50, Maintenance: TBDInitially pay for all assets in cash, no debt. ($40k-$100k purchase price)For the first investment only look for minor cosmetic upgrades.

If I can jump through all the hoops.. my debt to income ratio is on my side, its very low. income tax season is here, so that will help me out. one issue is; my work has been slow the past couple months, only working 2-3 days a week. but we are finally picking up and should be busy for a while, my YTD income/income over the past 2 years has not been very good due to having 4 surgeries(work out injuries).... although I was collecting short term disability all 10 months off work. hopefully the bank see's how much money I make a week now and everything works out, wish me luck BP FAMILY :) 

He owes $10,000 in credit card debt, student loans, and property taxes.

But if your current portfolio is not strong you won't fix it by adding debt. 

If this is something that doesn't matter to you (to have the survey done and the property corners staked) then it's a good thing to eliminate.

(High leverage, interest only, long term fixed rate debt at sub 5% interest rates).First step would be to develop a realistic view of the current economy.

With a C-Corp, however, there is a tax treaty that eliminates this problem.

My understanding is that most banks like to see two years of the asset performing as a rental before they see it as an asset and not merely as a (good) debt/liability?  

Cash you receive is the net cash after all expenses have been paid, including debt servicing.