Still, you will see some large companies go down and then see creditors go after the individuals assets because they guaranteed the loans.If you are a single member LLC and you self manage your protection is minimized compared to a multi-member and separate management.Having an umbrella is important.If your personal net worth is high you are at more risk even with 1 property because lawyers always look for deep pockets.

What ever monies extra you give him for being a nice guy, comes out of your pocket (profit).

Greetings denizens of Bigger Pockets!

I have found a 5 unit property where the Seller is willing to carry a 25% 2nd mortgage. (70k purchase price, $2300/month gross income, $1300/month expenses) Initially I thought I could have the Seller 2nd cover my down payment but my research here on BP has taught me that any bank will want at least 10% from my pocket plus closing costs, if I can even get that.

Welcome to Bigger Pockets.

Welcome to Bigger Pockets and as you can see you already have received some help.

I'm learning quite a bit from Bigger Pockets.

Cash out of pocket was $34K.

Here is the link to the Club list here on Bigger Pockets: http://www.biggerpockets.com/real-estate-clubs/illinois.html

I would never personally be out in public with any more than a couple hundred dollars in my pocket.