Jackie I wouldnt bother with an LLC so early in the game.

I want to learn all I can about these reak estate game. ..I am starting out buy buying a owner occupied 4plex or 3 plex.    

I told him he might be better off pursuing this on his own as he would have all the skin in the game initially but he insists on me helping him and holding him accountable.

I'm game.  

A quick background about myself: I am 23 years old, and since high school my end game has been to go into real estate investing full time after talking to my high school Consumer Ed teacher who was big into it.

@Nicholas BallHey, I'm a complete beginner to the real estate investment game and I'm just wondering what a real estate startup is?  

Can you cash-flow, or is a game of barely breaking even?

The bank will then loan you up to 80% of the total cost so you would have to have some skin in the game and they are not going to front you any of the rehab money but will release it in draws once work is being completed.

It's a numbers game but you have to mail out regularly.  

Since this is an auction on a foreclosed property are the rules of the game different?