I'd say define your goals and share them with us and the community might be able to help more.

Without going fully into the details of how you define "cash flow" (net of all expenses and allowances or gross cash after some expenses - etc) $1000 a month on an asset worth $650K is 1.8% return on your investment every year. 

This use of estoppel may urge Seller to come clean about income, reduced from what they advertised prior to a tenant's departure; and be the foundation for talks (and contract terms) about either filling the space with comparable income producer within a defined time, or reducing price. 

If you have a formal partnership agreement defining structure (LLP?)

I ask because I plan to keep refinancing the homes I buy at auctionI would definitely refinance homes purchased at auction as 0% LTV is not what I am advocating.To me what defines over extended depends on how diverse your investments are. 

Certainly it might not define the rest of your long career but I can't imagine why you'd regret getting that license now while you it's easiest.

In Amsterdam and correct me if I am wrong, the real estate market is defined by neighbourhood.

You do not define what "well below market value" is, but if they are below market value you are obtaining initial equity at zero cost.RE is very market specific and I am an advocate of the 50% rule that Michael used and suspect his initial cash flow projection is fairly accurate. 

I personally think it is worth using a registered agent, and I can see one being helpful for the reasons that James mentioned.Regardless of where you form your company, the most important document that you will need to have drafted is the LLC agreement, which will define your legal relationship with the LLC and your partner. 

In this fund, the sponsor clearly defines a "box" that the properties must fit into.