Agreed on higher rents for the programs but want to make sure there are no huge issues with the City that will prevent payment.

Hey Nicholass, BRRRR is a great strategy for investing in the Cleveland area and there are plenty of experienced folks here who can guide you through the process.

In the REIT what input are you giving to manage the debt, manage the tenants, manage the acquisition process?

Are you planning to stay in the property during/after this process?

Hey guys,I was just wondering if has gone through the process of a bank calling a loan due on a subject to closing?

The reality is rent ready purchases at high LTV have huge negative cash flow at purchase.  

Additionally, follow up with PM to establish their process for passing off the property to include leases, tenant contact, rent ledgers, inspection reports and the like.

Still learning just joined a few weeks ago and see the fault of my thought process early this morning.

Final bid was $5,500, and I figure the total taxes owed are around $5,000 including court fees and interest.I'm kicking myself because, in hindsight, I see I didn't completely understand the process.

You'll still need to personally guarantee the loan and you as the borrower will be evaluated, but the property will be titled to your LLC. many people do exactly what you mentioned and form the LLC right before starting the process, so there's no issue there.