Hello BP,Newbie from Stamford, CT looking to increase my knowledge and contribute anyway I can.

My current employer does not match contributions to our 401K.

Raj - humans are not perfect - not here and not in any other country - laws are not always enforced and they may cost more to enforce or not - also every one has a different take on what ethics are - just read Aristotle written more than a thousand years ago.... please step back - is your concern about money then follow that issue - if you feel it was not fair - ask what you may have contributed, ask if you want the personal and financial expense of taking it to court, and do not expect the board of realtors to protect YOU- if you can afford the house and like it and want to live there for some years - then go for it.

As time goes by, I hope I can contribute to BP to help the community as I am sure the community will help me.

@Bin Chen, If handled correctly the property  was contributed  to the LLC at basis so the 400K gain will be recognized by the LLC and then passed to the two of you as members through the partnership return.Your opportunity is that any tax filing entity can complete a 1031 exchange.  

My wife tells me I never saw you work so hard and I told her, you know, that's the difference....I don't feel I'm working when I'm on BP contributing to others and learning from others.  

If you need to add money to the account you just pay into their system, via an owner contribution to cover the cost of the bills.

That down payment is your capital contribution.

In the podcast, it was said that a person can contribute up to $50,000/ year if you're self-employed, but only $5,000 if you're a W2 employee.  

Sounds like time is a real factor.Consider refinancing your existing properties, leverage them to acquire more, you really need to examine this closely, finance terms, your cash flow and how you use your money.I suggest you not partner, generally such deals can take more time, dealing with partners and tenants and your return is split, it can be valuable for younger beginners who can contribute more time and effort with limited funds.You may also consider seller financed deals, you can pledge the equity of one property (as a second) to leverage the next deal, you give some cash and a note to your seller.