Understand Closing Costs: Be prepared for closing costs, which can be 2-5% of the purchase price.7.

Though it might be naive, I was thinking of a buy and renovate project that would cost between 150k and 200K.Any recommendations and/or resources towards this goal would be greatly appreciated.

It sits right on the end of Lake Erie and gets ALL the lake effect snow.Not a show stopper, they know how to deal with snow and weather in Buffalo, but it is something to work into your numbers when you are doing your due diligence on a property.

Financing with the HVAC company usually comes with hefty costs and interest rates.

Caveat being that rehab costs would be extremely high relative to ARV.

Does this strategy effectively contain potential damages (e.g., from lawsuits) within the specific LLC?

Without knowing the renovation and soft costs, having the original purchase and eventual sale price is worthless data.

The seller benefits from the spread between the interest rates of the old and new loans.Agreement: Ensure a clear agreement on who will be responsible for the existing mortgage payments and how any arrears or defaults will be handled.Seller Second Mortgage:Structure: The buyer gets a new first mortgage to pay off the existing loan and a second mortgage held by the seller for the remaining balance.Consideration: This may require refinancing the existing loan, which can be costly and may change the loan terms.I hope this helped.

You are allowed control over who pays what costs through control panels within the program… so you can control who pays the fee to screen a tenant and how much you charge for that service as well.  

I have never purchased a home before but in the town I would potentially move to renting makes little sense do to the cost of housing prices.