Like the majority, who likewise, thought they were buying from Clayton and Morris Invest with no third party involved in the buying transaction I bought his Hook, Line & Sinker...as the saying goes.

Me as the Managing Partner shall have full and sole authority and responsibility for managing and operating the business of buying, flipping, and renting of real estate properties.He as the Silent Partner shall not participate in the day-to-day management or decision-making of the business of buying, flipping, and renting of real estate properties.My question is, when establishing my LLC to buy the property do I have to add him as a member of the LLC in the certificate of formation?

Hi,Looking for recommended real estate attorney in Hoboken for buying transaction.Thank.Sharon

Investment Info:Single-family residence buy & hold investment.

If you can qualify for it, get a HELOC or HELOAN on those properties.Or find a creative private/hard money lender that can tap into that equity in 2nd lien position or to cross-collateralize them with the purchase of the new property and use that equity towards your cash to close so you can buy that next deal without much cash out of pocket. 

If they won't provide you that, just assume very high on everything and lower your buying price.

I figure we save 5 to 10k per year if I had to buy a room or rent an airbnb..

This should be a serious wakeup call for those looking to buy a STR in Las Vegas.

There are some VERY specialized strategies that can get around the problem, but they require buying out the former owner or one of the heirs. 

You can roll it to a self-directed IRA (SDIRA) and buy real estate or privately lend, but you couldn't do that with your personal rental otherwise you would blow your IRA up. 6.5% right now is a great rate...it's lower than what you can get a 30-year fixed owner-occupied home for.