I think that the core strategy for setting up my financial house involves establishing relationships with three key people: (1) an estate/tax attorney, (2) a financial planner, and (3) a CPA.My intuition is that I should probably talk to those three in that order (lawyer, CFP, CPA).

I'm buying a foreclosure for $84K, ARV should be $125-$130K based on comps, maybe a little higher based on quality and condition. 3/2.5/2 1720 Sq Ft, 1988 construction.The loan package consists of a 6 month IO construction/rehab loan where they will loan me 75% of estimated ARV now, then refi into a 30 yr fixed when work is complete.The ARV is determined by the appraiser based on comps and based on a list of improvements that I intend to make.

We have used a normal LLC for our residential business and a separate one for our multifamily projects.But dont just take my word for it, spend the $$ and sit down with a lawyer in the DFW area.

For one house (presumably in good condition, in a solid area, with good-quality tenants), are you sure you need to pay a PM for anything other than the initial tenant placement?

So we had to change a lot of our plans, put up a silt fence and a lot of other things to satisfy the Order of Conditions that they gave us.

The FIRST thing you tell them is "I talked to your the residents next door and they are very upset about the condition of the property, mice, snakes and etc..."

I called my lawyer and asked him why I was paying for title insurance through Old Republic when he was the one doing the title research.

I'm new to the forum and came across your post, the tenet laws are strict in DC and depending on your questions regarding the law you should consult a title company or real estate lawyers in the area.

Three months and a judgment against the property due to its condition later (and us threatening to walk away from the property) we were finally able to close - just one day prior to the county inspector doing a walk through to determine if the property is salvageable or must be condemned.

I'm not a lawyer, but this doesn't seem right.So many unintented consequences possible here.