Regardless of what many on the BP forums will tell you, you cannot transfer the property from your own names into an LLC if you have mortgage financing.That is called a fraudulent conveyance under the terms of your mortgage loan, and if you ever get taken to court by your lender you can be charged with attempted mortgage fraud.

(It had been a rental for several years and we were attempting to sell it long distance so we relied on our real estate agent to get the home ready for sale. 

I will attempt to expound on Greg’s comments;To be a good developer the crux of your job description is; see something which doesn't’ exist yet, meet the wants, needs and desires of your market,  see it to fruition and have the tenacity to learn from every obstacle while having fun.  

One of the biggest things I’ve learned is to surround yourself with like minded people.... so here is my attempt.

Legal title does not have to be exactly the same (escrow should not be attempting to practice tax law). 

In an attempt to garner the most genuine advice, I'm going to attempt to maintain 100% transparency about my (less-than-ideal) financial situation.I don't make much money.

There are plenty of sponsors out there with no track record attempting to raise capital through a 506c that have not raised a dollar.  

During the housing crisis, I attempted to refinance my rental properties only to be told that I had more than 4 mortgaged properties. 

It appears to be someone’s scam attempt at profiting off the work of others by taking advantage of the interests of true investors and other readers and offering a resource that is not credible to any degree.Here are some word-for-word examples that come straight out of the book:“You thus need to save some few coins before you think of starting out real estate.”

It’s such BS in this climate we’re in where people will literally trip over themselves in an attempt to destroy others.