Aside from that, any and ALL tips/tricks and advice is welcome, this is my first time venturing into commercial and I’m in complete new territory here..Thanks!

I’ve had the entrepreneurial mindset for as long as I can remember, and have had a few successful business ventures.

@Katie Panzica, owner financing would probably be your best bet, but has some drawbacks.  20% down or more, higher interest rate & the property MIGHT be over-priced.If that is not an option, have you tried to see if you have like-minded ppl in your family that would consider a joint venture?

Your private funding source would have to be pretty dumb to lend you money at 2% in a risky venture like real estate when they can get 5% risk free.You can currently borrow money at ~3% interest from an institutional lender, which is a smoking deal. 

I believe you have to use all your cash proceeds from the sale and your total ownership (debt + equity) in the new venture has to be equal or greater than the former to avoid all tax. 

We are super familiar with the market but starting this venture a bit later in life (mid-40s).

Let them buy it and do an “Option to Purchase” agreement with them for you to buy it at a set price within a set amount of time.ORPurchase together as a Joint Venture with an “Option to Purchase” their portion at a set price within a set amount of time.ORForm a partnership with them and purchase together in the partnership with an additional agreement to purchase their ownership in the partnership at a set price within a set amount of time.OR Get them to fund the deal “Private Money” and payoff when refinancing.ORJust go to another bank who is willing to let you do both based on the numbers.ACQUISITIONS METHODS-1.

Good luck with your ventures!

Hello everyone,I am planning the purchase my first rental property out of state (most likely in Cleveland) and I am aware of all the risk involved in this type of venture when we talk about financials.Beside that, what are the possible legal liabilities involved?

Because of some other ventures I already have a registered LLC in VA.