This way you control how much you spend to fix the problem.

Hello, I’m a Nurse in Texas. Me and my wife purchased a property from a relative that we want to rehab for our first rental. Would like to use this to get started real estate investing. We have no debt on this propert...

be ready to fix some leaks. 

The last house (3unit) I purchased I went back asking for $8K for repairs (sewer stack replacement, electrical updates, boiler fixes, etc).

The mortgage lender said they want several things fixed but the seller has said this is an as-is sale.

They might require additional premium in order to insure over these issues (which the seller should pay, imo) or they may say "No" and either you would need to agree to accept the risk or the seller would need to fix the problems... because they essentially built over someone else's property -- 3 times!

Our plan is to fix it up and build equity in that house.

Lastly, our lawyer is pushing us to use a bank loan so that we can purchase in an LLC, rather than buying it in our own name to get a 30 year fixed and transferring to LLC later.

However, if you found your way here just looking to learn more, there are many "exits" you can take once you have a property under contract at below market value like fixing and flipping, fixing and holding, or just leaving them as is and adding them to your portfolio, among others.For a wholesaler, this is what the process looks like and what 99% of questions people have.

Better to know while under construction then during inspection by a prospective buyer or after a tenant moves in if a fix and hold.- crap happens.