Usually a home equity loan is totally separate from your purchase.

I was thinking that I will set up separate LLCs in each place I have rentals and put them under that.

The program you describe is just a way to separate you from $1500.

Owner pays gas, water, electric due to not having separate utilities.

It is 2 floors, and the basement, to me, looks like it could be another aptm - separate entrance, high ceiling, lots of open space.

I do not know your states licensing laws but if you can get a mortgage broker's license separate from being a licensed agent go that route.

My next in line to read is a book that REI suggested in a separate thread, "Wealth Protection Secrets of a Millionaire Real Estate Investor" :groovy:

If your properties have a lot of equity it may be wise to do separate LLCs.

The lesson I learned from that experience is to collect the application fee separately in certified funds (or cash).

Meanwhile, we've got some really high forclosure rates, and giving an owner-financed opportunity for someone to build into property ownership again seems to be a good way to hedge your bet against transient, destructive tenants.Plus, structuring a separate paper deal for a higher interest rate certainly seems like a good play.