In a somewhat related story... the city of San Bernadino also just filed for bankruptcy.

Should we setup the LLC and it's relative bank accounts before purchasing anything and writing up lease agreements?

I hope to finance my first home with an FHA mortgage, but would like to acquire investment properties relatively shortly after moving into the first home.

When you take away that over-supply (tighten-or, better put, "implement" lending criteria), you are going to drive down demand for housing, while keeping supply relatively constant (actually, due to rampant builder production, supply increased even though demand decreased).

If the listing agent doesn't like it, they will object or talk it down if they do it alone, so being there, at least you have a chance of getting a response by the seller.

They went home and moved in with relatives, etc and did not go become a renter.

There may be some local issue or state tax issue, maybe a transfer tax applied to non-owner occupied, don't know, but Steve makes a good point, state your initial intentions.Such a question is not part of a quit-claim deed to convey title, so what ever it is that you have asking the question must be related to local customs and requirements.

They aren't lending and these private lenders (and relatives, mentioned several times) are stepping in to fill the gap.

Were talking 50-70k, so it seems relatively painless to move back in briefly (should only be around a month or so), to save on the cap gains taxes.

But thanks for the related info.I agree that both should be listed as co-insureds, but if no income goes to the trust or equities, where is the insurable interest?