If you really want to minimize your "work", sell all 10 houses and leverage or pay cash for a 10+ unit building.

Each state is different and you'll need to do it where the property is located, so no point in forming something and then having it go to waste because you ended up in another state.Most states that I've looked at can get an entity formed in a reasonable time, so find the property and then worry about that side of things.All my non-professional opinion...Good luck!

.#2 If you are going after properties that are advertised like this as a wholesaler I think you are wasting time.

I wouldn't waste too much energy pursuing a person I didn't have much info on after I got a judgement but maybe one day they'll try to clean up their act and you'll get a check in the mail.

I've been following your screening guide and it's helped immensely, especially with weeding out people just kicking the tires and wasting your time.I've put in my ad that there is a small application fee and that usually weeds out people that I wouldnt want in there anyway and also communicates that there are only good tenants in the nearby units.

I believe there are seasoning periods, but it may help minimize taxes and penalties (ask how I know about taxes and penalties when investing with your 401k).

We often check the profile to see the level of experience of the poster.That really plays on the answer you get, if you're new say so, so the answer doesn't fly over your head, I recall giving a very simple answer to an attorney who was obviously looking for much greater detail, that was wasted time and effort.

The commission on bank own is minimal anyways.

Since I have minimal credit the owner has agreed to carry the mortgage with a down payment.

And you should comply with those rules anyway since there is minimal cost to do it now.All that said, tenants and buyers will not value a master in the basement anywhere near what it would be worth above grade.