I am a newbie real estate investor and in my first year have purchased, rehabbed, and established steady cash flow on 4 units.  

I'd try to find forclosures in nice areas so you get a little built in equity up front, established areas, not new vinyl siding cookie cuts, get it "rentable" where after 10-15 years you still have room to "flip it" on the end for max value.

Then he established a LLC called 1106 west grace st to hold the title of this property. 3 months later, once the property is sold, Joe would immediately close this LLC.

Perhaps looking at what comparable parks in the area rent their pads for, might help establish some realistic numbers to go by.

The reason the agent had you sign it was just to establish the relationship between you.  

This will at least establish if the leak is on you or on the city, Before you spend big money. 

I also, due to the advice from the podcasts, began establishing a relationship with a lender at a local bank.

Once that is established, how should I or do I purchase the home?

We are looking for multi-families in the greater Madison area, but would like to finance through an already established LLC.Thanks,Brandon

I feel it is very important to establish guidelines and to extend the same rights to other tenants.