Hi Charles,I'm holding all my deals as rentals, so I use both a cash flow analysis AND the 70% rule (I'm currently using 50% due to the downside risk in the market) to determine the price I can pay if the house is in good condition.

I use the 2% rule for how much rent the property should get.

If the IRA is the fourth participant, then each of you has a quarter.LLCs have members who are the owners of the company (they would be shareholders if it was a corporation) and managers.

You need to check you local rules.

Then there are the tenant files, maybe getting signatures on new leases, issuing new house rules and contact info, inspecting the interior of new properties, getting "on top" of tenant issues and property issues.

By that I mean there will be something that says you have rights to enter and that you likely have to provide advanced noticed.Unannounced visits are not allowed and can be ground to have a future eviction blocked.If you own 6 units it is time you checked out the rules in your state.

I use the 2% rule to screen for properties that are at least worth evaluating, which is where I came up with the $436,000.Mike

Check the HUD rules for properties they have for sale.

Check the forum rules first so you do not get in trouble with the moderators.Anything else you wanted to share about yourself so we can get to know you better?

As a general rule you can buy with cash or you can get financing.