The site helps both new and experienced investors create an investing "roadmap," by creating different property portfolios and tracking the progress of each scenario as you purchase/sell properties, collect rental cash and pay off debt etc.. 

If the existing LLC has debts, or someone sues the company based activities that occurred prior to your ownership, the company is still liable.

@John Oyedele I personally do not think moving into a personal SFR is the route to go, especially if you plan on using cash out refinances because that is going to negatively affect your debt-to-income ratio and the personal home is a liability, not an asset.

This leaves you an NOI of around 40,000 which is a debt coverage ratio of 1.74.

@Jeff Quintanilla  you were blessed doubly because in the year you did the short sale the IRS had a moratorium on issuing 1099C for short sales and debt forgiveness.. this is the one instance were Uncle actually was thinking about the average American who found themselves in an upside down situation. things have bounced back I bought a rental in orchards at the peak 209k rented for 1k..

All my properties are free of any liens, debts, or mortgages...I need a line of credit or loan for $ 10,000.00....I have at least $200,000.00 equity ....

Does this mean that the property was wiped clean of all debt when it was sold to me at auction?

Hey @Jeff AmoreThe information you provided, in and of itself, definitely isn't enough to eliminate the possibility; but I'd need info on a couple other critical factors before I could really say one way or the other.A few of the questions I'd personally want answered are:For one, how much cash do you need to bring to the table and how much debt are you taking on?

However, we both have debt.

Remember cash is King and Owner financing is better.Understand creative financing, always ask for owner financing, possession, subornation, substitution of collateral, delayed settlement and discounts for early pay off.Offer less - guarantee your equity profit - some say, "If you are not embarrassed with your offer, you are offering too much!"