If you're going to be the only member of the LLC, someone forms an LLC mostly for liability protection but if you have more than one partner then it becomes a useful vehicle having an agreement between the members as to how to run the business and split profits and such. 

Hi - I'm looking to invest in a multi family market where I can find units below market and value add them to get market rents.

My primary goals is to create some passive income through rental properties, either single or multi family homes, to start building wealth to secure my financial future and stop working full time to have more time to pursue my passions and enjoy life with family and friends. 

Their multi family starts at 5-unit.

I have a multi under contract with the bank soon to expect the offer (based on seller's agent).

I am a contractor (painting) and investor in multis but have not purchased any in sometime. 

I am in contract on a multi family near St Jude.

Hi @Daniel Pitta,I second what @Benion Horton says about the bidding wars with multis.  

Option 2 potentially:Put a 20-25% down payment of 40-50k for a multi unit with less rehab after the fact and rent.

To your question about the vehicle: I personally have a paid Toyota Tacoma that I bought for $4K my senior year in college that has been very dependable (I personally have put over 35K miles on it).