I'm originally from the southwest suburbs of Illinois and recently moved to San Francisco for my job as a software developer.

Developing an operating agreement for the LLC will help establish the basis of your business, including capital contributions (HELOC, Loan).

But that's okay I can work with this.. hopefully I'm not necessarily going for a $200k house, just looking more or less on how to properly analyze a deal. 

But you have to check properties out and put in some time and usually some money (for inspections) to properly dig in and know a property.My best advice- when you start relationships with realtors, lenders, title companies, etc- It's important to listen- but not give them so much trust that you take a back seat in the transaction.

If you are looking to invest in Allentown based on appreciation from economic development, might want to look into the waterfront project area.http://www.mcall.com/news/local/allentown/mc-biz-n...https://thewaterfront.com

To obtain financing it can't be larger than 25% of the total community square footage. 10% of the budget to go towards reservesNo active or pending litigation (HOAs like to go after the developer for construction defects)No assessments (ask for the last 12 months of board minutes in your offer.

There is a lot of land available and the area and I've always thought it was a matter of time before you saw more development moving in.

To be properly conveyed, the correct paperwork should be filed with the county clerk.  

Be sure and get a proper inspection on that building done by a licensed inspector and accompany him/her through the inspection every step of the way. 

ORDid they foreclose on the proper legal description, and then messed up the legal description on the sale ?