I guess I am just trying to understand this concept of loaning to the LLC instead of outright buying the rental property in the LLC. 

Like the others before me, welcome to Bigger Pockets and the Puget Sound real estate investment community.I guess I'm curious, which neighborhood were you interested in for finding land to build your home?

I've enjoyed reading other investor's deal diaries, so I thought I'd document our progress on this house, and would love to get advice from more seasoned investors along the way.Here are the details:Location: Munroe Falls, Oh (suburb of Akron); nice neighborhood with mix of owner occupants and renters (I'm guessing it would be considered a B-class neighborhood)Type: 1500 square foot single family home, 4 bed/2 bath, 2 car detached garagePurchase Price: $77k; seller paying $1.5k closing costsARV: $140k, after approx. $25k in repairs.

I have a tenant who heard "the toilet running" for "over a week, I guess" - but it turned out to be a big hot water leak spraying the subfloor under the bathroom in an enclosed crawlspace.  

I guess I need to keep looking.

I guess I won't know until i do it...it only needs paint and a new kitchen floor (Current one is not bad but i am a softie Landlord) and some work on the fire place wall...thanks for the feedback guys.

I guess that's where the trouble is, I haven't specifically talked to the agent or my lender about FHA yet. 

I guess that would make it my first investment property (yeah, I'm that new).

@charlie Fitzgerald I guess I need clarification,  sorry.

I guess what i am really asking is how do i separate the motivated sellers from those i cannot make a deal with.