@Allison@Allison Escovedo What do you think your bank would do if you didn't pay your payments and ignored their calls for a couple of months?  

If you know of the odd 'winterizing' company that do it for banks etc they can notify you.

Jeremiah, here's my advice in a five-year plan so A) is patience:Year 1) start a single-member home-business LLC for FREE using bank bonusesYear 1-2) build a 720-800 FICO for FREEYear 1-3) season the LLC for FREE and target a 80 PAYDEXYear 1-4) save some cash by cutting back for a few yearsYear 4) study 10,000 properties for FREE and build a teamYear 5) target a small starter commercial project (4 units or more)using the LLC PAYDEX and 800 FICO when it's a buyer's marketrelying on good financials for the property more than your job6) rinse and repeat and SKIP RESIDENTIAL!!!

Do we need to form an LLC together, should we open a joint bank account together etc????

My only real reason for wanting to move my property into an LLC would be to show a bank that a newly formed business has an asset worth as much as the house.

In almost 30 years I have always used a TREC contract or in most cases the contract the bank, HUD, VA or FNMA requires.

I am looking to buy my first small multifamily  property and am wondering what local banks or lenders you have had good experiences with?

If not sold at the auction, bank buys back the property.

If you're not familiar it basically recommends that you have a bunch of bank accounts (income, profit, owner's pay, taxes, and operating expenses) and when money comes in you distribute it among your bank accounts in some predetermined percentages (profit first of course!)

I have money in savings that I can use as down payment, but with not showing much income right now, will a bank approve me?