Hopefully someone in your area can chime in with more input on getting a business started in your area.There is a TON of information on this site, read the beginner's guide and the "start here" page, read forum posts, ask questions, and get involved in the discussion and you'll start to put all of the pieces together.Good luck and have fun!

There can be valid reasons to do this and affordability is a major concern as if this is misused it will be seen as predatory lending.

@Pat Martin,Much of this depends upon how you stricture the entities.As far as the IRS is concerned EACH "cell" is its own LLC, taxed separately.

Below is a quick overview of some of the resources.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

You might have already consumed below.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

I know there are healthcare plans out there we can purchase but I also know how costly they can be, I guess that was my main concern was the expense of it all.

there are some disadvantages to this sometimes on your basis in the property for taxes.As to how you can legally sign leases etc now, get a limited power of attorney to handle all legal matters concerning that property.

Be sure to check out the Podcasts which are filled with a ton of great tips for beginners and pro's in the industry.I work in NYC but live and invest in northern NJ.

Also concerning is what if your tenant buyer backs out.

If I were looking at such a deal my main concern would be the exit strategy.