Either way, my goal is to own free and clear as the end game goal. 

Also, a conventional loan will not pay for the repair costs, so that would come out of your pocket whereas a private or hard money loan may cover most of it. , the method is meant to make for a quick turnaround. 

@Javier DiazWelcome to Bigger Pockets.

The way I currently price LLC formations, a TX series LLC ends up about $300 more per LLC with about $100 out of pocket per series.

The one thing we do know is they are hellbent on finding a way to keep investors out of the game, ESPECIALLY out of town investors.

@Quin SimpsonWelcome to Bigger Pockets.

Hi, I am new to Bigger Pockets and am currently studying at Rochester Institute of Technology.

So, like they say, past performance not a guarantee of future results.That being said, in principle, you have options if hit with the DOS letter: you can refinance (if in a good position for that) or pay off the loan, or the problem can be cured easily by transferring the property back (and you can play this game back and forth repeatedly with the bank).The main problem you have, IMHO, is the partnership.

I'm coming back into the game now.

@Bryan MossWelcome to Bigger Pockets.