I have a system for choosing cities based on specific criteria.

That type of irrational behavior could only be due to regulatory pressure.In portfolio lending, banks are moving away from 5/1 ARMs and toward 5 yr balloons, to give them greater flexibility to adjust rate/terms, or to be rid of the loan if they so choose.

well... you would think that would be the case... but...this property is in a city that has no zoning, no formal way of evaluating a property and has no history of inspecting a property.home sits on 8 different lotsfurther, this isnt a rehab. the corporation who bought the home upgraded beyond belief. beautiful trim, accents, original antique knobs, new cabinets in kitchen, new appliances, new texture on walls, tasteful paint in all rooms, fans in each room, 2 big *** HVAC units, foundation repaired, new roof (although an E1 tornado touched down 1/10th of a mile from the home yesterday), new windows, gorgeous flooring is original and was refinished 2 years ago - clean, clean, clean and even cleaner!

The only reason they got involved was because I asked to split a unit.We did some wiring updating, gas line updating, sheet rock, and painting.

(Sidenote: I started investing when my grandpa passed away and at 18 I inherited $100,000 and one of his rental properties)Question 1 is: What type of LLC would I choose?

Once rented you say goodbye to new carpet and paint.

Since you plan to live there, fix the home a little bit (cosmetic repairs - landscaping, paint, etc), and you could get a higher rent as you transition out.

Jeff, Charging them for the carpet cleaning, paint, etc is common practice and taken out of their deposit if your lease is written correctly.

Originally posted by Brian Adamson:Hey Bryce, I would choose an area that you are comfortable with.

It is fairly new (less than 10yrs old) and needs light rehab of about 6-9K (paint, carpet, light fixtures, maybe appliances).