Hope you'll monitor this thread @John ChapmanWe may get more posts as I'm sure .many operators stick the LLC documents in a drawer and forget about them.You LLC doesn't need to be read, it needs to be studied carefully.It also needs to be tended to, there are entity maintenance matters to oversee depending on how it is structured you may need to keep your LLC tuned up monthly but at least annually for it to perform.

I recommend seeing an attorney when starting out doing this.You will typically have two separate documents.1) Promissory note.

That way I can regroup and look at the document to see what is most pressing.

Make a checklist of required documentation for each property you plan to promote such as rent rolls, cancelled checks or bank deposits for rent paid, copy of the lease, proof taxes are current, etc.

He also emailed out some of his slides, spreadsheets and documents with us so we have the details to hand.I thoroughly learned all the math to buy a good deal: maximum allowable purchase price, cost per unit, gross rent multiplier, net operating income, cap rate, debt service rule of thumb (.007), profit per unit, cash on cash return, coverage ratio and expenses rule of thumb percentages.I learned questions to ask a broker, the order to do things (check math before offering, confirming expenses before viewing property), how to use hard money lenders, negotiating with vendors and dealing with their objections, using vendor take back strategies, what to do in due diligence (everything), a list of clauses with how they benefit the purchaser and how to negotiate with them, how to stack the clauses, strategies for becoming a RE entrepreneur, ideas for creative financing, how to do no money down deals, how to make offers, what types of exit strategies affect the negotiations and more.I haven't spent much time on this site yet so this is probably covered along with lots more.

I've never gotten into blogging previously, but I'm rapidly becoming convinced that it would be beneficial to start documenting what I'm doing on the REI side; we're about to put our first rehab on the market, and I've gotten so much out of the process I think it would be a good idea to write it all down.

The ultimate option would be an interest free loan from a relative if that is feasible.Make sure you are documenting all interactions with your tenants in writing.

I don't fill out documents for a purchase transaction for less than $5K, that's just minimum, that means my deal needs to cut $8,750 plus costs, likely $10K to sneeze at it.Using high cost money cuts your profits, often a lender can make more than the investor ends up with!

It's now resolved and I am just documenting my journey because it's so crazy.

What changes will need to be made to my documents?