This would be a cheaper approach at the outset.But like @Kathy Henley says, you may be better off counting the costs of an operating agreement among your start-up costs, and being confident that you're doing it in a way most likely to have fewer problems down the line (nothing is bullet proof).One key thing to recognize is that the attorney is helping you predict potential future problems and plan for them now; but he/she is not deciding anything for you. 

FHA loans tend to be a little more generous about having no credit history and/or a lower credit score, but FHA also carries a fairly healthy MI premium. if you want to try to be sneaky, you might be able to get her on the radar with the credit bureaus quickly by adding her as an authorized user on one of your credit cards.

Because I know the market well, I immediately recognized the potential for a good deal.

If both properties are in trusts, the trustee is the seller and the title company's only issue should be "does the trustee have the authority to sell the properties, and no indication of fraud". 

If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up.5.

Issues of family and tenants lead me to believe that whomever  you are dealing with may not have full complete legal authority to sell, otherwise family and tenants would be irrelevant. 

@Yolanda Brown the lady who contacted me from from our housing authority actually made that very clear, and I’d read that before.

I used a 3% conventional loan and leveraged the Colorado Housing and Finance Authority first time homebuyer program to provide an interest free loan to cover down payment and most closing costs.

The gain is outside of the partnership.No gain or loss is recognized by the partnership in this situation. 

They want to know what I am using it for, where is my business, I am I the owner etc...To open in NYC does it depend on the, bank Popular (not fees, not min balance) need a authority for doing business in NYC $260 ( I could have just set the LLC up in NYC.I think the annual fees are still cheaper for NJ $50 year?