Vacancy (figured roughly based off 5% of monthly rent): $70Rent: $1400Cash flow: $110Another pro to this is that my family will be taking care of property management because they live in the area with several other properties around that they currently manager for free of charge (I will be responsible for capex costs, but day to day managing will primarily be done through them).

I recently posted a similar question and am awaiting response.

@Olga Shkolnikova thanks for the response, I'll check out the site. 

And if no response- send another one next month.

@Janett McWilliams, I can say as a general rule that you will have better terms and more money to be accessed if you individually refi each property individually unless you have > 10 properties, usually >20. 

Speaking and shadowing that individual can help you avoid certain costly mistakes and better prepare you for your REI journey. 

Thank you all for your response.

No firsthand experience, but every time I've seen this question come up the responses indicate that for a few small units LLC will not protect you better than simply adding an umbrella policy to your insurance while being more complicated and expensive to maintain.Also many snags to consider such as banks not likely to finance residential property to the name of an LLC, transferring to an LLC later can trigger a due on sale clause in your mortgage, if you mix personal funds and LLC funds to pay for something you can negate all legal protections.

If using private money from an individual, they should be able to provide you with a proof of funds letter from whatever account they have the money in.The agent you're using to submit the offer should know whether to check conventional or cash - I don't remember which one it is for hard money because I don't purchase from the MLS.

@Brian Quigley  Typically if you are not looking for bank financing your progression would be private individuals then hard money.