However you may have LLC formation costs, annual state and federal tax returns, and annual state LLC fees/annual report and I am not sure what IN charges.

I don’t know what kind of return you are looking for but I would not recommend going for duplexes in Lubbock at the moment because they are very hot and prices are inflated, as was previously mentioned.

If the LLC you and your brothers formed is a regarded entity and files it's own tax return then it might not be related to you. 

Well, it’s not “just like cash” but presenting a preapproval that shows it was a Complete process with tax returns, W-2’s and bank accounts reviewed always helps.

Hey all,I hear a lot of people say to not get stuck in analysis paralysis and that the greatest value you get from your first deal is the experience, not necessarily the financial returns.

What should I expect as a rate of return?

The townhouse rents for $1195 a month, which is a good return on investment but not a good return on equity. 

You'll almost always lose money after closing costs, realtor fees and interest payments unless you get lucky and experience some significant appreciation or if you find a GREAT deal.If you're going to keep it and rent it when your done then it'd be a good idea to check out the airbnb market and speak with a local property manager in the area and figure out what kind of returns to expect from the business.  

3) If i want to sell and get good return, can i start process of selling the house (mls)...as contingent upon sheriffs deed?

It won't be a large return at first, but the knowledge gained may be worth it in the long run.