As for your second question, can your LLC taxed as an S corporation own your other LLC? 

Second, I think the fact that this didn't get a sure can do it no problem should tell you something about the market today.

You should have extended closing until the issue was resolved.Actually, the first lesson is that you shouldn't buy property in California but I'll skip that.The second lesson is that you shouldn't ask friends for advice unless your friend happens to be an attorney with experience in residential rentals and the California eviction process.The third lesson is that you should get a new attorney, preferably one that specializes in evictions.

If you find a park that has a lot of Park Owned Homes or Transient sights (RVs) then that can make financing even more difficult.If you find a deal and want a second look I’d be glad to review it for you.

I am looking to purchase a house for my father, and the couple of banks I have talked with so far have no experience with this loan.   

The second route in my opinion is the best way to find properties that meet the 1% rule.

This is the second reference to seller financing on an upside-down asset I've seen today.This owner can't afford the mortgage and is about to lose the home.

Not to mention I have my second kid on the way in July.

I would greatly appreciate your insight and suggestions as I begin this journey.I am 37 years old and have been charged by my mom, who is 70, with stewarding the assets left behind by my father, who passed away a few years back.

I'd also like to buy a second 4 family in addition to the one I'm looking to live in.