Since I purchased properties before creating a limited liability company.

Any guidance would be greatly appreciated.KevinHow can you have a Limited partnership(LP) just by your self? 

@Alina Trigub in your experience, would you need a securities attorney specifically if you were the General Partner managing you Limited Partners money? 

In formulating what a bank will accept for a sales price, they start with an appraised value, deduct for carrying costs and they also generally have what is called an "REO stigma" that they can into consideration.The REO stigma is a measurable discount banks see in the market once they take back a property.

Step 1 is talk to a lender to determine you limitations (like loan amount, credit, etc) and step 2 is to talk to a broker familiar with this strategy. 

@Joann LimIt really depends on your business plan for the property.

That decision has limited my ability to do a cash-out mortgage.

By the way, I'm not limited to Memphis but, as I said, I thought MI were the best.I'll keep looking but it does seem that you pay the most for the best. 

Lately, he's been saying he wants to make more money and get into the investment game but he has limited capital (he has access to a HELOC for $60K at 6%).

I appreciate you respecting my time as well.When you are doing your due diligence on an investment property, you should ALWAYS limit your own exposure to unnecessary costs and liability.