I haven't looked into the numbers for those specific units, but whenever I would look at condos in the past, the HOA tended to eat up would be cash flow, especially when buying only 1 unit. 

To tell you the truth, getting comps is something that you can do for yourself quite easily, using all of the available websites, especially Redfin, since they are a broker with direct access to the MLS. 

Hi everyone,I have a newbie question regarding purchasing a property through conventional financing and then quit claiming it into an LLC.

@Tony Marcelle, I've never quite understood how people get Sellers to let them lease their property (instead of outright buying) for significantly less than the market rate, especially when the Seller is being asked to approve sub-leasing for higher amounts, which the Seller would not benefit from.

Yes, I have thought out the exit quite a bit.

I would love to be able to be the one providing the down payment for others, but we are not quite at that point yet. 

I would try to get access to the MLS through an Agent so you can run good comps to get and ARV on the properties you are interested in.Having info such as Days on market, sorting by subdivision, and price per square ft. has helped me in my analysis quite a bit.

I am looking to use a Quit Claim Deed and a Lawful property deed to claim the property.

They also received a 7 day notice to quit with the fee btw.

Remember cap rate is if you paid cash for the property and the your bank loan will eat into the cap rate.