You can deed the property to an LLC after the close, but the note will remain in your personal names.

We do have a copy of the lease and there is options to renew, but ofcourse these remain tenant options.

Where's the remaining $85k coming from?

I remain sadly convinced that the reason most people don't want to do any handyman work as part of real estate investing is because they think they're above this work, not because they think they can't do it well or there's a sharply compelling reason for them to focus their efforts elsewhere.It's also the party line of every real estate guru out there that you should never do your own work.

You likely can't move your current 401K while you remain to be employed by that employer.

You guessed it: the financing.I'm pursuing buy-and-hold, SFH.I don't have much of my own $$ to throw into the pot, so here's what I'm thinking:- Figure out about what a house would cost (I'm told to expect ~$200K - $250k)- Assume a traditional loan, and needing 25% down- So I'll need to raise ~$62,000 for the down payment- I approach friends and family, network with potential investors to raise those funds- Bank supplies the loan for the remaining ~$180,000Something like that.Should I speak with a real estate attorney before approaching those potential investors?

This is where the middle man markup gets inflated, repairs to bad work gets delayed, and where quality goes out the window.

Also, the property is under my personal name, so, can I change that later to an LLC, or does it have to remain in my name forever? 

The agency provides the staffing and the landlord remains hands off....except for themodifications that need to be made up front.

Just the cash out on my existing would be around 1K monthly and still leave me way short to aquire the property.Potential Property Sale Price: 85k (120K Market value)Existing Renter: $1200/monthAvailable Cash out: 30KRate: 8% + taxes/fees: 950/monthMortgage remaining 55K: ??