HI Hernan,You can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

Your 'Ability to buy' will change with your creativity, not only with your credit score or income.

My question - my CPA used to account for depreciation until last year as 27.5 years (residential property) but starting this year and going forward, he says it should be considered as commercial property depreciation rules (like 39 years) . 

Since this is my first property purchase ever, I wonder how escrow accounts, etc for property taxes would work.  

And do you need a bank account dedicated to the LLC? 

We got wind of it through one of our Broker contacts.. the issue for the land owner is he had taken roughly the same option payments yearly 150k And now with the option failing he was going to have to capture all that income as earned income and pay tax.. ( which of course he is kind of like a lottery winner the 150k a year was always gone in 10 months) So he was in a potential bad spot with IRS and we were able to step in and take over the option for the same terms.

Not to mention, the boyfriend will not qualify as a tenant due to criminal record, insufficient proof income and several other requirements.

* a high cash-flowing opportunity and we're early on in our careers.I'd love to partner with someone who has experience with one of the better methods of buying and holding real estate for passive income/investment opportunities. 

Most financially independent, wealthy people get there through hard work, sacrifice, and time.Spend 2-3 months learning how to analyze properties, cut expenses, increase income, and save up as though your life depended on it.

This lease does not change the length of your lease term (month-to-month); it simply updates relevant matters now that I will be assisting you with your housing needs.Beginning with rent for the month of September, please pay your rent by depositing the entire amount into the following bank account at (your) Bank: account # 123456; routing # 123456.