No LLC Needed: This keeps things simpler and avoids the state income tax associated with forming an LLC in Tennessee.Steps to Set Up Tenancy in Common:Purchase the Property: When you buy the property, instruct the closing agent or attorney to list both of you on the deed as tenants in common.Draft an Agreement: While it’s not legally required, it’s smart to have a written agreement detailing each partner’s responsibilities, the split of profits, and how decisions will be made.

It was difficult managing all the stakeholders (from closing the deal to fixing the property to renting it).

You would think properties like those would be snatched up before they made it on a site like that if those numbers were even close to being accurate.

Con: lower returns (@7%) and higher fees. 

It’s gotten much harder currently than it was with lower interest rates.

You will also have closing costs. 

When trying to do the deal analysis on my current property, it’s asking for the purchasing and closing costs.

The best way to get started here (or anywhere) is to start by purchasing your own primary home because it's easier to qualify for the loan and it gives you a chance to build equity and you can purchase more house with a lower down payment.

As long as you close on your house before the foreclosure sale date, you're fine.

My partner and I use the subject to language from the AIR CRE forms as an addendum to the REPC - UtahSubject to language for purchase offer - Utah REPCBuyer(s) shall take title to the Property subject to the following existing deed(s) of trust securing the existing promissory note(s):(i) An Existing Note (“First Note”) with an unpaid balance as of the Closing of approximately:Said First Note is payable at $_____________ per month,Including interest at the rate of _________ per annum until paid (and/or the entire unpaid balance is due on ___________ (date).