Go over it slowly, highlight the really important parts  and be very clear with expectations and possible consequences.Second-  Do  a walk through video  (3-5 mins) clearly showing the condition of the house at the date you acquired it, open blinds, show smoke detectors, show any damages-- anything good or bad.   

If rates go down just another percentage point, that's what I'm hoping for by year-end, prices are going to go through the roof...Everyone will come out and buy.

Hi Dave,As @David M. mentioned, LLCs are pass-through entities so it's more about liability protection than taxes.As a side note, you can get DSCR loans on your personal name if you desire for some programs.

I get MTR leads from Airbnb and do bookings through the airbnb platform.I use apartments.com to manage my Long term tenants and collect rent.What do I need to keep in mind for starting off on the right foot for book keeping?

It's important to know that some software is made for property managers (those who manage other people's properties,) some are made for landlords (those who manage their own properties,) some are made for accounting (which can be used by both property managers and landlords.)I do use QuickBooks, and I'm NOT saying not to use it, but know that there is some initial learning curve that you have to go through.

I still would like to understand why they are paying the prices they are when they could put the cash in a CD and earn interest worry (and work) free.I'm referring to multifamily properties that have no room for rent increases through value add. 

That juice may not be worth the squeeze for most.As a result, the majority of investors are looking at BRRRR's for long term buy and holds in Detroit.Happy to talk through the nuances or send you some Detroit specific resources.

Just went through this process myself and opted for a HELOC.

Think of getting your butt handed to you in a lawsuit if a kid wriggles through and busts his skull open.

I was once helping the tenants try to purchase it but financing fell through.