I'm always interested in others' use of multiple LLC structures.I would definitely talk to an attorney and an accountant about your particular circumstances.

There are multiple reasons for this:1.

I thought they were called that.Neighborhood is full of larger homes w/multiple bed/baths.

In my experience, borrowers and their legal counsel have used the multiple claims that you hear such as don't have the note, not the owner of the mortgage, etc as defense.

I will be doing multiple deals like this because I market to out-of-state owners.

If there is low inventory and you have a quality product then you will get multiple offers- All regular sellers are waiting till spring why wait on the competition.

Fill us in a bit more about yourself and your RE desires/interests.The key to getting the most out of this community is to stay active and engage the community in the forums and blogs.

I'm hoping to get my EM back - that was my biggest out of pocket, I don't expect to see the "engagement fee" (though he said he will send it - I'm sure it will get lost in the mail).

Is the 2 percent rule more applicable to multiple unit buildings when moving into higher prices?

Again it could be a reasonable cost depending on what all they had to do.There are multiple issues here.1.Most of the items mentioned for repair should have shown up on an inspection of the property PRIOR to purchasing.In my mind if you didn't get a inspection from a 3RD party inspector not affiliated with the company selling you the property then these repairs are on you for not doing due diligence.2.The other component is that this property manager has their own crew.I don't like that one but and would never agree to it.Sometimes managers also get referral fees for giving business to skilled trades even if they don't have their own crew.The problem becomes then instead of getting the best rate they have to pad it a little to give back to the property manager for the referral.So either way I am sure the property manager is reaping a benefit monetarily from it.This way they make more than the lousy 50 to 60 bucks a month managing a property.This is why I am not a fan of "one off houses" in an area far away from where I live.This is why I like owning apartment buildings.I can find a full time highly trained manager easily and they use systems and programs to control cost and everything is documented.Since they only focus on management and are not a broker/agent doing transactions and then handling "rentals on the side" my properties get the focus they need to be ran properly.It just sounds like you purchased wrong and then on top of that have a property manager padding fees with the repairs.REO agents used to do this with banks.They wouldn't make much commission on selling the little dumpy houses so would have their company do the trashout,re-key,repairs and charge full market for it.Eventually the banks caught on and choosed their own company to perform tasks and only let the broker list the property for sale.Sometimes that works and other times it doesn't as the broker or manager is now dealing with outside parties they can't control saying work was completed properly and it wasn't.If you haven't had an inspection of the property I would do it now to see what all else might come up in the future so you can expect it and plan for it.