(This fund is a tad unorganized and half the time they don't even know when an asset has sold or lost in a tax sale).  

He stated the apartment building is part of the lawsuit so I’m not sure if it’s listed as an asset and that’s why it was in the letter.

I have 3 other invest properties with mortgages so I figured the asset based loan that doesn’t report to credit would be the way to go as I look to ramp up the rental units.

I have 3 other invest properties with mortgages so I figured the asset based loan that doesn’t report to credit would be the way to go as I look to ramp up the rental units.

You also have the Hard Money loan route if you absolutely must move forward with the deal.If your family has money, why not use that monies to fix your credit and in turn you can pay them back when you run into a good deal or share profits on a good deal.Cash is king but like in the game of chess, credit represents a Queen which is the most powerful asset you can have in this game called RE.

If  You currently own the apartment building, it really shouldn’t make a difference for tax purposes.Ideally you want to form the LLC in the state where the property is located to get the best asset protection.

An alternative is either changing your acquisitions strategy (self sourcing deals if you have the time/money/energy), or pursuing a different type of asset if you want.

Some larger banks will lend to an LLC for clients who have a decent amount of assets with them

His other line items I'll ask to only give him enough to get materials and pay him once project starts, and the remaining of the 30% based on work progress, so I can protect my own assets.

I'm a wholesaler in Indianapolis and run some digital marketing and mailers.