I recommend keeping it simple and sticking with the lease (and let the PM handle it...don't dedicate mind share to these kinds of things). 

Keep in mind having an LLC does not afford you additional tax deductions.

When purchasing, always keep in mind the exit because purchasing and managing are only 2 of the 3 steps involved in the process. 

Keep in mind that they usually find additional damage once walls are opened up and that will cost more.

Hello ladies and gentlemen of BP, I come to you with another question swirling in my mind about real estate investing. 

Does anyone in Chicago or Illinois have a good parking lease template that they wouldn't mind sharing?

Originally posted by @Bob Okenwa:You'd have to refinance the loan in the name of your LLC, and that loan would be a commercial loan with inferior terms (shorter amortization, higher interest) than a standard 30-year mortgage.I don't mind the interest adjustment, Does the LLC need to prove itself able to sustain the payment of the loan?

I like the idea of college rentals as you just need them to be functional not nice (since they will get beat up a little each year) and that is what deposits are for.Definitely require a co-signer, normally it is the parent of the kid. 

For instance, if the appraisal comes in at $200K, and they're selling it to you at $150K, then have them do gifting of $50K, keeping in mind annual limits on gifting gift tax free, if that concerns you.

One CAN figure out approximately how much a property sold for even if it's not listed in the records:  extrapolate the transfer taxes (state/county/city) and multiply out.Just an aside:  I remember back in the day when the appraisals were coming in short in an appreciating market (something like we have today) we would ask the buyer to pay MORE money for the transfer taxes (no law about not paying more taxes) and it would help show a higher "sales" price and help 'push' up the comps--not recommending you do that now--much more data available for all eyes.But I would recommend that you buddy up with a like-minded realtor, and work out a mutually beneficial arrangement so you can get the info you need, and they can get listings, sales, referrals, etc, that they need.Better yet, get licensed yourself and get to know the business from the inside out!