It sucks but it'll fast track your understanding of how to operate a real estate portfolio (it's hard to hire a good PM if you don't understand the full extent of what their job entails)Deal #'s: $411k purchase price, 20% down conventional loan, $4400 gross rents / mo, maybe $5k in rehab.

Or invest passively with a partner who runs the operations on the ground.

However, you are correct that a business bank account in the name of the LLC needs to be opened to hold company assets.Regarding payments, it depends on how the operating agreement is written in my experience.

Problem is there are important things they NEVER learn, and they operate with the handicap or inexperience and lack of knowledge, and hence are set up for failure.After 40 years as a successful real estate investor, private lender, and syndicator, my recommendation would be as follows1.

Full disclosure - I'm a mortgage broker in CA, licensed, and I operate out of a Gmail account, so I don't necessarily agree that that's all scam. 

One thing to keep in mind is that different states can have vastly different regulations around lending and borrowing, so lenders may operate only in specific states vs. nationwide. 

This is not an uncommon business plan, and it is usually carried out by operators who are poorly funded. 

I'll definitely need her to partner and owner finance in some capacity and in since I'm not strong with capital (yet), I want to show up as buttoned up as possible.My question is how to come up with a rough sketch of projected operating costs? 

If you're already under market, then the current crop of tenants may resent the utility off-load (assuming you're off lease) and move, but new tenants will find the apartment competitive to everything else.

Beka Shea has flipped more than 60 houses and owns and operates a marketing consulting company.