Glad you are back at it.If you are taking on an investor/partner, then you want to structure the LLC with the correct operating agreement.

I would go the other way....keep it as an operating investment!!!

From what I understood, it has something to do with the involvement of the government in the way Fannie Mae and Freddie Mac operate (the Federal Takeover of 2008) As I was explained, the new DTI requirement will apply to private portfolio loans, but not to loans that will be sold to Fannie Mae and Freddie Mac (Conventional loans).

It's an eBook with a wealth of information on setting up these plans, including many of the rules, pitfalls, legal interpretations, numerous links, as well as a sample LLC operating agreement useful, apparently, in Arkansas.

Hi @Josh Little , I own and operate a property management company in the Portland metro area and 2 to 4 unit plexes happen to make up most of our accounts.

See http://realdata.com/blog/understanding-net-operating-income-noi/

And they claim to "operate in a variety of markets throughout the US".

The info below will help you organize starting out.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

If you are going to move from residential (1-4 units) to larger multifamily buildings you will need to look at things like a business: it's all about the operating margins and cash-flow.

(I'll PM you)Also, I organized another monthly meetup in Oakland - on Wed, Feb 19th (not 16th).