Creating an LLC could be fast and only taking a few business days.You can also get your EIN imediatly online when the IRS website does not crash like it did for one my LLC and I had then to revert to fax and wait 2 weeks for the fax back.However getting a bank account could be an ordeal with certain banks and take over two weeks for their compliance Dept to approve it.Last, if your lender is ok with it, it would be better to buy your property dIrectly under the LLC name.

I do have vacancy, maintenance, and capital expenditures accounted for in my model, and I'm running in the green by about 7600 a year- still, I thought the margins may be a bit thin.  

The problem with what you are asking is that there are a lot of assumptions you have to take into account when you do this.

Account Closed it’s in south dallas. 7850 woodshire Drive. 

@Ryan Proffit Its just about break even right now to be honest (it was a beast before the refi), but I am very conservative with my numbers, for example I just installed two new boilers and new kitchens, appliances, gutters, windows but I'm still accounting for 10% cap ex.

We anticipate about $150k in repairs when All said and done.Immediate repairs/interior rehab approximate about a 3rd of that total.Roof replacement accounts for the rest.First thing that jumps out from the spreadsheet is no PM cost.We are buying out of state,so will slap on the 8% PM fees.Because we already own a similar building in town,we know the water and sewer bill is at least 2x what it should be.So updating plumbing fixtures to reduce water utility portion is a major value play.Rents are also at least $100 under market.Financing is agency debt.6.5% interest3 year term,30 year amortization.There’s a lot of moving parts in a value play.That’s why I wanted your comments and questions first and i can respond as we go.

I knew that studying on my own would be more effective for me than sitting in a class. 

Originally posted by Account Closed:Looking at the spreads on property's in my portfolio and boy o boy--- maintenance, maintenance, maintenance.

Any accountants out there or anyone who has done this who can share some insight?

There are also closing costs to take into account.