As a lender, we require flood insurance if the property is in a flood zone, which can eat into your cash flow if you want to hold the deal. 

It's always a good idea to compare a few different providers to ensure you're getting the best deal for the service you need.

The seller will obviously hold the debt/note for the existing mortgage while the title gets transferred to me.

Selling possibly a good idea.

Looks like one is better for a flip and the other has an incredible upside with equity so we plan on holding that one. 

Using familytreenow.com to verify idemtiies and past addresses is a good idea.

@J Shoe I will start by saying consult with a personal attorney and CPA (and have them work together.)Typically people buy in an LLC just to keep their name off the record and for asset protection and operation agreements.As a sole investor a lot of people will buy in their personal name so they can more easily obtain quality financing, and then move the asset into the LLC.A lot of people of California use trusts (DSTs) to hold the asset, so they are not contributing to the problem of over taxation in CA, as CA has a franchise filing fee of $800 every year for each LLC.Just some things to think about, but find the professionals that can tailor a system for you personally.Cheers

Investment Info:Townhouse buy & hold investment.

Our first question is, should we sell this place now and use the $80k for a multifamily property or hold and use for a rental property.

Any insights or ideas or advice is much appreciated.