The Hold Harmless won't do you much good if your seller takes bankruptcy or doesn't have a pot to spit in or a window to throw it out of.It might be better to buy into the existing LLC, divide the property under that Operating Agreement and take care of the transaction inside the LLC.

If you can pay 80% or less than market value when you factor in purchase price and repairs, you may have enough equity built up for a HELOC for your next rental when you are ready to buy.There are lots of strategies for getting started even when you don't have the initial cash.

I know the windows are ancient.

When I speak of "small" projects, I'm referring to handyman jobs such as window flashing repair, exterior painting, fire escape stairwell refinishing, etc.

They are both great at learning the fundamentals.Oh - and don't forget to set up your Keyword Alerts!

Also, don't forget to setup some keyword alerts.

@James Syed How old are the systems, (roof, windows, siding, hot water heater, appliances, HVAC, etc)?

I assume that no one would sign up if I kept it open and I would be throwing money out the window.

Also - here's a couple articles you might enjoy:How to Be a Landlord: Ten Tips for SuccessHow to Start Investing In Real Estate at a Young AgeOh - and don't forget to set up your Keyword Alerts!

I make sure to have curtains and/or blinds on the windows, and leave the front/back porch lights on while I'm not there.