They will hold the IRA that holds the LLC, but they cannot providing meaningful support around your use of the LLC by rule.  

I don't want that to be my legacy, I want to have the freedom to make a real difference in the world and do meaningful things while also not being financially tethered to someone who is making more than I am off my labor!

I’m excited to learn, gain experience, and build meaningful relationships with all people within the aspects of real estate in my area.

Actually talk to people and be a friendly neighbor because that's way more meaningful than a piece of paper in the mail.

In a state like New Jersey with the prices being what they are, the "easiest" way to do what you are suggesting is going after distressed properties in seriously dilapidated condition so that your ARV is leaps and bounds above where you purchased, enabling you to extract enough cash on the cash-out refi to pay back your investors and hopefully yourself.

Cash deal--will cash extract using a local bank or credit union after we got the leases and cash flows in place and stable for them to see.

What makes it interesting is it has several parcels of land with the sale of the house which we could probably sell off the larger parcel for about 25-30% of the total purchase price.I know the basics of Section 121 but I'm trying to understand if there is a way to extract value from our equity position in our current house to make this a better choice than finding a straight rental.Current house Purchase $215K Current Value $280-290KOwe $160k 15 year mortgage at 2.75%Mortgage + Tax + Insur $1450Possible Rent $1800-2000Possible Live-In FlipPurchase $300KRepairs ~$20k-40kARV $325-350k (excluding land to be sold off)Land Parcel Value to be sold off $80k-100kI would love to hear your creative thoughts on this situation and how I can optimize.Thanks!

If you are unaware of this and do not underwrite accordingly, this could have a meaningful impact on your cash flow assumptions.TIP: In the Seller’s offering materials, the type of lease structure is usually provided.

It has been done before so I intend to do just that, serve my country and build financial freedom.I cannot build this on my own, if your in the DMV area I would love to connect, ask questions, and build meaningful relationships.

Having both LTRs and STRs what you intend on doing with the property between now and when you "leave it to your children" is, as Luke implies, potentially far more meaningful over that time horizon than whether you cashflow $70k or $60k/year.