Daily deal analysis practice #6Purchase price: 295k (25k above list)Cash needed: 67k20% downBuy and hold sfh5% Capex7% Vacancy 5% Maintenance 10% Property Management CoCr: 7.94% (12.19% if self managed)Cash flow: $443 ($680 if self managed)I would probably move forward with this one.

Meredith:I'm only licensed to practice law in your state of Minnesota, so keep that piece in mind. 

It sounds good in practice to keep exchanging to larger properties, but at some point you get old and tired.

In practice as a CPA, we’ve had 2 clients end up in court disputes because of lousy/online OP agreements.

Fixing for a flip and a rental are different and it's best to go to the people in your area to see the best practices and to network with wholesalers you can find deals from.

Going through and checking the other properties on the market manually is a great practice every so often. 

You are not required to get an EIN as a sole proprietor, but it is best practice.  

SEO (of course).SEO gives you an infinite ROI because the leads are (practically) free.Not only are the leads (practically) free, they are also the best possible quality leads any marketing venue can provide.Thirdly, you only start to spend effort on these leads AFTER you know they are motivated and want to sell (to YOU).

If your end goal is to learn how to analyze deals, then I found it very helpful to do practice deals over and over again in a notebook that I had kept. 

We are creating an LLC, and I wanted to find out if anyone has done this (an LLC with people who aren't familiar with each other) and could recommend some best practices for forming the group and any essential language for our operating agreement.