Feel free to ask further questions if needed.Large single family home with 2nd approved structure that is currently rented (essentially 2 family).

@Sayli Mulay I just closed on a first-position refi and paid an extra $400 (or maybe $500) for the subordination paperwork.

Essentially, partner would put up 60% and I put up 40% of all funds, with LLC ownership split 50/50.2. 5% of purchase price as acquisition fee. 10% of rehab cost.3. ???

Or are they essentially the same thing?

We are creating an LLC, and I wanted to find out if anyone has done this (an LLC with people who aren't familiar with each other) and could recommend some best practices for forming the group and any essential language for our operating agreement. 

It is essential to have a strong team prior to pulling the trigger.

I see this as a cost of doing business and essential to being able to rent a house for top dollar.

There is a lot of paperwork they need to fill out and they don't get paid till the job is done so most contractors won't mess with it since they are already swamped. 

So if someone offered seller financing at a higher rate, higher purchase price but 10% down vs a bank where I could get a lower rate, lower purchase price, but higher down payment 20%Essentially I am trying to see what I am paying in opportunity costs of choosing 1 over the other.

We had to settle a minor contractual issue on right away access by essentially having to pay money to local officials o/w they would not support it even though legally we had a right to access the property through an adjacent property (land locked).