Something happened to my previous post where only 4 of the steps ended up in the version that posted**As more people reach out to me seeking advice about dipping their toes into the rental real estate investment waters, it occurs to me that most people don't have their SH*T together enough to get started.

Hi David,That's great you're making the next step to bigger complexes, kudos to you:)Vacation Apartment's?

Purchase price: $70,000 Cash invested: $90,000 This property was the biggest transformation so far in my REI career, and it fought us every step of the way.

Likely initiating foreclosure is the only way you can try to protect yourself.  

Such IRA-owned LLC entities cost more to setup initially, but eliminate most all transaction fees with the custodian and give you much more control over your investments.IRA Services used to be good. 

Step one is to put a business plan and operating agreement/memorandum of understanding together. 

@Ash Leigh, Although it's not strictly forbidden to purchase property from a related party the IRS is very skittish about it and the charge of shifting basis and step transaction is all too common. 

As I was making it “rent ready” I decided to take it a few steps further and flip this house.

Congtats Lyndon on your first property, that was a big step!!

I would suggest building your initial portfolio with Single Family Homes and as your comfort level increases then move into multifamily.