Hello BP community.I'm looking to start my first investment and I'm looking at investing in a multi family unit to get started to help financially by allowing the investment to pay for my rent.

See this article:https://www.forbes.com/sites/janetnovack/2013/03/26/how-real-estate-investors-can-protect-themselves-from-the-irs/Have you read Tax Free Wealth by Tom Wheelright?

Liability risk is high, insurance coverage will be an issue, you will get sued if there is a drowning and a waver will be of zero protection.

One thing I learned about working with seniors as a financial advisor is that they like income, but don't like headaches which could be a reason they're looking to move on.  

FORECLOSURE: A seven year waiting period is required, and is measured from the completion date of the foreclosure.A three year waiting period is permitted if extenuating circumstances [EC: non recurring events that are beyond control that result in a sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations]  can be documented and the lesser LTV of 90% or the standard product guidelines.

Then I also have asset protection that limits liability to each property and other layers of legal protection that makes it unattractive for a lawyer to try to pursue anything with my business structures.

But went about it this way because I am closing on other properties in my own name right now so we used just the father's financials to qualify for this particular one, and the mortgage market does not allow lending directly to an LLC anymore.Simply put, our goal for tax reporting is to divide all rental income for this one property equally in to thirds, and to do the same for all expenses (mortgage interest, taxes, insurance, repairs, etc.).

And thus I have to find other financial mean, outside of my career, to find the means to make sure he has what he needs.It amazes me how many different paths can be set upon with REI, the question is always 'which is the right path for me?'. 

The main reason for the LLC is so we both get the tax benefits from the real estate and for the legal protection it provides.Any help is appreciated.ThanksMark

"Disregard" is how I feel with most of the Big name financial gurus.