I believe your best bet is an LLC as you can create an operating agreement that specifically calls out dozens of potential scenarios, cash flow, refi, sales, death, etc which an attorney can help work through easily.

Andrew,Congratulations, I bet you learned a lot of great lessons along the way.

Best bet in my opinion is to clearly describe that there is only one bathroom. 

You're betting on continued appreciation in a state that is becoming less friendly to investors and at a market that has probably reached a peak.

It was in poor condition with some of the following problems:No hvacPast termite damageWater damage in multiple areas with active leaksAluminum wiringPoor layoutGrading issuesFoundation issuesWe did some numbers and estimated the rehab to be close to $100,000.

We're planning on using our proceeds to use an FHA 203k loan which we can use to buy a 2-4 unit in poor condition that we can do a live and flip, plus househack.

Lots of nervous people waiting for that money to get deposited :)In closing (if you have read this far)...this whole deal had a little bit of everything...poor documentation, lots of back and forth with the sellers, bank issues, investor issues, and lots of personal issues including deaths in the family.

Best bet is to get your mortgage broker on the phone and be honest about what and where you want to do. 

If you have not, great books to read are:• Rich Dad, Poor Dad• The Millionaire Next Door• Cash Flow Quadrant • Tax Free Wealth• Set For Life• Rental Property Investing• The Millionaire Real Estate Investor• The REAL Book of Real Estate• So Good They Can’t Ignore YouYou are more than welcome to reach out if you have any questions.

Because I'm working with small dollars, my best bet is to take the project in smaller chunks to make sure the crew is paid for what they've done.