I’m ok with the complex(s) being one level, which can make construction costs lower.

It ‘s doable with an llc but of course you guys will be signing personal guarantees anyway.

I want to buy in the $120,s for our PR with 20% down and a 15 year note. by the way, I'm 50 years old.

The property looks to be newer than 70’s/80’s therefore probably will not require 10% of Income for Maintenance.   5% would be sufficient for now.  

Given the age of the house, your rafters are probably 2x4s (they'd be the old school actual full size 2x4's, but still too skinny), so you would likely need to add some furring thickness to get up to code R-values. 

It was a 6unit multi & the Apt #'s had been set since 1972.

My rehab budget was $7k so I recorded a $97k deed of trust / mortgage coinciding with the closing date from my generic sounding s-corp I use as my mgt co. 

You also may want to look into an S-corp instead of an LLC. 

Originally posted by @Victor S.

I invest in FL and TX, where appreciation might not be a s high as in LA, but the cash flow is significant and much higher than in core markets.