NOTE: People, you need to read the terms of service which inlcudes the forum rules.

From a licensing point of view you will need two licenses, the MLO and a consumer lending license for the company.The exception to that rule is if you are financing a home that you actually lived in for two years or more and it was your declared primary residence on your income tax forms.Even with the licenses go a plethora of compliance issues from Red Flag to Debt Collection practices, and everything in between.

So far that appears to only be an option if it is my personal residence.Right now, the property barely breaks even or is slightly negative (using 50% rule)in cash flow until the credit card debt is reduced over time.

The name C Corporation is used only to distinguish one taxable entity from another taxable entity (there is no Subchapter C, which governs how a C Corporation is taxed.)Because the "S" simply refers to a section of the tax code, choosing to tax an LLC as an S Corporation affect ONLY the rules used to tax the LLC - NOT the rules to form or operate an LLC, nor the rules that determine the liability of the owners of an LLC.LEGAL REQUIREMENTS & LIABILITYLegal Requirements:The rules to form and operate a Corporation are different from the rules to form and operate an LLC.

45K as per 2% rule

My agent says that the seller paid the same identical fee 1.2k to escrow as I did.

So, at least in this one case, I was able to go MUCH lower than the approved price and still got the deal.That is amazing, I had no idea there was that much wiggle room with the banks (although perhaps this case was the exception rather than the rule?)

Here's some numbers:GOI (minus vacancy) = 21240NOI = 10620 (50% rule), however, because everything is new, NOI could actually be near 70% with no cap expenditures in the near future.Cap rate = 11% minimumcash on cash return = 25%I have a side deal with my brother/partner where he would be property manager but would forgo any payment in lieu of earning equity in the property - I can explain more if anyone is interested.

The buyer does then "own" all rights to the position in the contracts, even though their name(s) aren't listed on there as the buyer (they have the assignment docs & all the disclosures that prove their ownership).But what I recommend doing is having the attorney print out an additional set of docs (with identical terms) so the new buyer can sign that set with the seller directly (sometimes some utilities require the tenant buyer to show a lease between them & the seller directly).

The usual rule is "first in time, first in line".