@Ned Carey I am buying in my personal name and trying to quit claim into LLC.

I personally prefer to not be over leveraged but I have at least some type of leverage on every property.

@Tim Ryan awesome to hear about your Meetup Group focusing on real estate investing it sounds like a valuable resource.I don't make it up to the Pasadena area often, but I'm definitely interested in learning more about your group and the insights you share regarding out of state investing for rental properties.

They are now requesting an addendum stating that each person is responsible for their own rent, and payments are not mutually exclusive. 

Personally I am not a fan of sitting on a lot of POH homes for sale at the same time. 

If you are looking to do this deal, I suggest looking at seller financing and then having an exit strategy to sell to an all-cash buyer, but personally, I would look at other deals. 

Lessons learned?

I would meet people in your market in person, look up agents that are doing a lot of deals, I would go to meetups, and I would be networking in your market like a madman to get people that you can do a deal with! 

Learning is earning.

I could have been more strategic had I known what I learned in the forum.