BTW, most people don’t realize it but loan officers at  nat’l banks don’t even have to have a mortgage license, they operate under the bank. 

They will reconcile bank accounts tho.

So I got the mortgage under my own name.Now I spent sometime reading some articles and think I really should separate rental property income transaction from my personal transaction.My questions are:1. is it ok If I form up a LLC just to receive rental payment using the LLC bank account and pay property management company?

Shop around to local/regional banks and credit unions.

I do not know what the partner is willing to take for his interest at this time, but I think he is trying to replace the worry and stress of ownership with a lump sum in the bank.

Might just the be bank trying to gouge you. 

I am curious to see how banks will be handling these notes with non-recourse when foreclosure comes.

@Glenn Curry Keep looking at different banks.

HelloFrom what I understand, with no experience in real estate investing, mobile homes only depreciate and that banks don’t see them as having any increase in value after repairs.

The Outback is hosting a meeting on this topic in October.