Hey Glenn, To keep it simple (and in general terms), bigger banks usually do not fund distressed properties that need rehab.

Why is it asking for personal info?

Currently, I have 30k saved up, do I just keep saving until I have enough cash to do my first deal?

So this agent, after having 3-4 offers rejected, told me she didn't want to keep presenting offers unless I was going to start making "good offers."   

If someone injures themselves and sues, they will be suing the LLC and not you personally.

I want to create a new checking account to keep all my house income expenses separate from personal expenses.

Personally, I would be hesitant to jump into a deal when the existing partners are cash-strapped.

If your rent would be somewhere closer to 1% of the replacement value, the long term capex picture would look differently, but that's obviously not realistic in the Walker Square area.I know this is not what you want to hear, but case in point at one of our workshops I had an investor who has owned a sizeable D-class portfolio for almost 40 years, self-managed, self-repaired, re-leveraged to pay for capex - and he said he has basically nothing to show for in terms of retirement, so he has to keep working it.Food for thought.

I have used this strategy personally more that 10 times and helped many clients doing it.

Ultimately though, if you're financing then an appraiser will/should keep everyone honest regarding value.