Normally, I do not establish LLCs until I have the property under contract and I am deep into the closing process.Regarding if you need a LLC, it all depends on your risk tolerance.

@Miguel Suarez We’re so committed to the Metro Detroit area, we created a "Deep Dive" series here on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider: https://www.biggerpockets.com/member-blogs/3094/99854-deep-dive-into-metro-detroit-cities-ecorse We're not aware of any other property manager, agent, turnkey provider, flipper or wholesaler that's made the commitment to do this!

I am trying to not throw a ton of cash into the fees as I’m already about 12-20k deep in.

Quote from @Engelo Rumora: Quote from @Michael Smythe: @Sunny Karen let's do a deep dive on this property listed as sold on their website:15095 SORRENTO ST, DETROIT, MI 48227if you do some searching on Zillow, the property does NOT show as sold and the last listing is from 03/17/2020.

Look for people that have owned for over 10 years, and get it from them off market even at a deep discount and do the work of fixing it up and renting it for higher, or if you want to buy on market I'd definitely recommend offering below asking, as most multifamily that hits the market in these areas are tremendously over priced. 

Keep in mind, when you get ready to sell houses in low-income, el cheapo areas, your only buyer will be another investors who will want a deep discount. 

I'm very intrigued by a property that is in a great neighborhood and will appreciate very strongly, but using any sort of financing on it the cash flow return is deep in the negatives for a couple years even though the ask price looks like a good deal compared to other houses around.

But, as we enter into a down cycle (we just don’t know how bad it will be yet) “experienced” and inexperienced people who have done Creative Finance Deals can find themselves underwater and missing payments and in deep trouble with the law.

Maybe paint all the doors a deep grey or black for example, and the uppers white, then match all the hardware.  

Syndications are only suitable to players who have experience with deep due diligence, basic understanding of fraud prevention/detection techniques and enough real estate experience to understand the market, macro economy and how those factors will impact the investment.