No, I passed on the asset.

In talking with my point of contact at the bank he explained that they have a loss share agreement with the FDIC and they need to "unload" some asset types before the loss share agreement expires.

Chris, the basics of any loan (and the attractiveness to the lender) come down to two main factors....cash flow (aka net profit, income, debt service) and asset coverage (aka net worth, ARV, secondary support, LTV).

I would just buy it as owner occupied and if you chose to rent it out later you can, but I wouldn't get fancy with trying to buy it as a business asset and rent to yourself.

I'm looking forward to seeing what information I can find here to help make this a good success.Another thing I'm curious about is how to structure my assets now.

John A. depending on the asset management company for HUD the closing date can be 30 days or 45 days from the date HUD signs the contract.

., you are of course correct in that, generally speaking (almost a law of physics), no taxing authority willingly gives up revenue and taxes trend upwards.

Absolutely set up in the state you're doing business.I would ask why do you want an LLC, asset protection, anonymity, tax purposes?

Until now, my assets have been simple: paycheck comes in, bills go out, throw some into savings.

We are looking at purchasing multi-family homes here in the DFW area, and are interested in setting up an LLC to insulate our personal assets from any property liability.