This is best done by comparing what other homes have Sold For in the general vicinity of the property.

Hi All, I'm new to the Bigger Pockets world, and real estate investing in general, but I"m excited to be here learning from the site and all of you.

@Stephanie McKay - this will depend heavily on your situation.In general- an LLC will not have a tax impact... it is mainly an asset protection strategy. 

Since then, I've been educating myself with real estate in general and have narrowed my interests to buy and hold multifamily rental properties. 

Hi,I'm looking for recommendation for General contractor/ Zoning attorney/architect in Somerville MA.Thank you

The downside to them is that they would not get to participate in the overall profit of the project if it all goes well, but of course they also have less risk than everyone else.If they want in as equity investors, you should consider an LLC or a Limited Partnership (with the LLC as the general partner). 

Generally speaking that area is good but it can be block by block.Right now you are at $44K+ per unit which is pretty good for this area, especially because you have 5 - 3BRs.

If you have someone ready to sell, get a couple of general contractors in there and estimate for you. 

The tax value doesn't tell us, or you, what it is actually worth....only market comps, in Similar condition, size, etc. cn tell you that.Hard money, or any other private lender is going to want 20-35% down, and has no interest in making interest for only a month or so.Also generally, the higher you get above the median house price in the area, the longer and harder it is to sell.

I have hired a certified general real estate appraiser for this.