We bought our SFH in Dec 2010 as a short sale for $425k.

As my colleagues explained, the short story is:there are no tax benefits from LLCs for rental propertiesyou may still want to create an LLC (or several) for legal protection reasons, not for taxesasset protection is for attorneys only, not for friends and not even for accountantsif your business becomes something other than rentals - then you might need an LLC for tax purposes, but it's a separate conversationGood luck!

. - Lot more inventory to work with (flexibility)- I see many affordable homes 150k-250k range and multi unit homes around 250-400k range- Thinking of buying between or near UNLV university/ main strip so I have faculties, staff, students from the universities as well as employees from the casino/hotel- Property Tax is cheaper (but can be a con in other states).Con & other inputs: - I feel like Las Vegas have short term residence more than long term residence (most of the properties seems to be owners who are not purchasing to live but to use it as vacation home or short/long term rentals.... so many properties can be vacant and potentially allow squatters/long eviction process)- Nevada law require a "responsible" person aka landlord/property management within 60 miles - Distance (I like to buy my properties locally because I can stop by or fix something if needed either by myself or contractors that I work with/familiar with- Property Management fees since long distance - Finding a property management company that is reliable and trustworthy. - Unfamiliarity with the area/surroundings- Lower Rent compared to CA but I know I can't compare apples and Oranges (But I don't want to invest just to break even)------------------------------------------------------------------------ Tax questions ***Some state does not have tax on income(?)

Remember, when thinking about doing a short term loan and then a longer in the future, you'll have closing costs each time, so build that into your finances.

If you are looking to negotiate a lower payoff with the bank, you are essentially asking them for a short sale.

Hey guys, I came across an interesting idea but I can't figure out if its actually legal. Apparently if you sign a lease as an LLC the landlord can't exactly control who is staying in the apartment because it is under...

If you're more interested in flipping then that short-term cycle is going to be more important. 

Anybody have experience with short sales?

Look at the condition of the other properties, the businesses that are tenants, try to discover rents paid, how long they have been there, etc. 

I'd first discover that idea from a book "The richest man in Babylon."