Within the next 6 months I will have saved enough for purchase price closing costs rehab budget etc, as well as the credit score to secure a FHA loan.

Because getting financing through a new LLC is difficult, how would you recommend approaching securing the financing and title with the LLC?

Owning investment properties is "the new social security" as some people are saying.

We will collect first month and security deposit.

They only look at their back of the napkin calculations of what they pay a PMC, assuming it's 100% profit, because they NEVER consider what expenses a PMC has.Since you like to crunch numbers, why don't you calculate how much it would cost for YOU to hire people to do the following:Inspect a property to make sure it's ready to marketTake marketing picsPublish and refresh for rent adsTake all the phone calls from adsSchedule showingsChase applications, process & screenGet deposits and sign leasesCollect rents, chase delinquencies & evictionsHandle maintenance requests, which are never handled fast enough for tenants, or cheap enough for ownersChase tenants for lease renewalsCoordinate MoveOuts, damage charges against security depositsGet RentReady bids to owner's satisfactionFollow up with maintenance to make sure done on time and done rightStart the cycle all over againProvide accounting services for all of the above, including owner reports and payments, annual 1099's, etc.Don't forget to factor in payroll taxes, employee benefits, company office space cost, company insurance, equipment, phones, etc.Once you do all that, you'll quickly find that PMC's are NOT making more than owners.FYI - this is why investors should always factor in 10% PMC Fees, 10% Vacancy and 10% Maintenance when running numbers on a potential rental purchase.

In fact I saw last downturn FLAT rents, waiver of security deposits, first months rent free with landlords fighting to maintain market share and service their notes.

And if it is normal wear and tear, you cannot hold back security deposit to cover them.

If one of you wants to take out a second mortgage on it to secure his/her interest, that's fine because it keeps the deal clean and there's nothing to dissolve if/when the break up occurs. 

If you do something simple Security First title can record the mortgage terms for the owner -- I did that on one of my deals -- we spelled out the terms (interest and how id make payments and when they were due etc -- they recorded it for us)Wasnt super official - but worked and owner was fine with it.

Glass block is my personal favorite for both looks and security.