As if they start the legal process the fees will go up significantly and you will continue to get further behind.

As it is we both have a strong desire to buy a SFH for ourselves but currently house hacking is a better solution because that other rent is paying our taxes and water and sewer bills and for some mid range priced renovations to the property.

There are so many extra fees for business accounts.

You can use one EIN for both entities since you're operating under the holding company LLC, or your CPA may advise obtaining a separate EIN for tax purposes.Ensure that the bank adds you as a signer using the company's EIN, not your SSN.

So in the end, I will be putting 4 new mobile/modular homes on these lots.Exit Strategy: Rent long term or Lease option to buy.The price of the "Farmhouse" is $175kRepairs: Pressure wash the house, paint inside and out, replace flooring: $10k$15k for fees, inspection, or any other unforeseen expenses$20k for Mobile/Modular Home SetupThe price on the 3 acres behind the farmhouse is $80kRepairs: Paint and new flooring $10k$15k for fees, inspection, or any other unforeseen expenses$20k for Mobile/Modular Home SetupTotal: $645kI have a lender who is willing to cover the deal @75% of the cost.I have a Gator who will cover the EMD.What I need is someone to help me with the Gap between that.

Market rents from the appraisal and/or the actual rents need to cover the mortgage payment, property insurance, taxes and HOA (if applicable).4.

We would like to keep the operating revenue and expenses separate from our personal stuff but want to file them along with our personal tax returns.

This allows for 45% of the effective rent to be spent on all your expenses (taxes, insurance, management, common area utilities, etc. - but not your mortgage payment), and gives you the net operating income (NOI).

So far, we've pieced along different elements of this (different tax person each year, no LLC to one to now 2 this year, haven't yet used a bookkeeper...)trying to streamline systems and have a solid foundation for our fairly new and growing real estate portfolio. 

Arguably, McDonalds could have charged much higher franchise fees and ended up in the same place financially.