Are these expenses proforma estimates or did seller give you a T-12 showing real expenses?

@Max T. is exactly right

But in terms of obtaining financing, can our LLC (with all five of us as members of the LLC) obtain residential financing (four units or less) or does the mortgage have to be under an individual or individuals?

Originally posted by @Lydia T.

@Greg DickersonI see, I understand the basics of wholesaling already and will be attending some events and I'm in the process of obtaining my license.

The other thing to be on the lookout for with tax deeds is previous liens as there are occasions where other liabilities will be tied to the property and you'd be responsible to pay those to obtain clear title.  

Location: Portland, MaineDuplex with 6 beds 2 baths (3 each)Purchase date: 05/01/2015Purchase price: $265,000Reno costs: $35k% Down: %10Morgage Balance: $216,988Morgage Rate: 3.65%Monthly payment (P&I,T,I): $1,556Rental income from first floor: $1,950 utilities included except for electric and internetMonthly expenses est.: $500Estimated rent for 2nd floor (owners unit): $1950 Total estimated rent: $3,900 monthly Total estimated expenses: $500 monthly I currently have a $107,000 HELOC on this property The property appraised by the bank at $383,000 for the HELOC.

Check out the book "Aggressive Tax Avoidance" by John T.

@Lydia T. - This is very helpful.

@Lydia T.