If you'll be financing the property, it looks like the Feds will be raising rates once more before the year is out, so it might not be a bad idea to pull the trigger sooner rather than later.

Don't ever pull the trigger on a deal because you're afraid of losing out.  

We eventually would like to transfer our property into a formal LLC structure, but aren't ready to form the entity yet.Facts:Property Type: SFR 3 bedrooms Friend/"partner" or co-signer: To provide initial down payment, cover closing fees, etc.Me/spouse: Provide the deal, live in (owner-occupied), manage the property, find the tenants, rent the extra bedroomsProfits: Agreed upon splitFinancing: Seeking FHA with low down payment or similar option with my husband/me as the borrower, friend as the cosigner and initial down payment provider (to be reimbursed 50% for our share over time)Questions:1) If we operate similar to how partners would in a legal partnership, would the appearance of our partnership activity cause us to trigger a legal entity/1065 filing requirement? 

We've considered expanding out to a couple neighboring counties as there are a few markets we'd do very well in however we haven't pulled the trigger yet as the distance would be a major issue.

But when one goes off does that trigger the rest even if its on the other side of the house?

So for someone with limited capital should I just hold out for something I can BRRRR or pull the trigger on a cash flowing property to get started ASAP?

I have not pulled the trigger in Alabama because I have not been able to meet these basics as of yet.The Cleveland/Akron market offers these properties also.

if you start with the mortgage in your name you can transfer it into a testamentary trust and not trigger the due on sale clause due to federal legislation, but that does not apply to a non testamentary trust. 

Make sure to understand what you are looking for, what your "buy box" is ... and then you will know what you are looking for to buy so you can pull the trigger when you find the right one.Love to connect if I can help!

I've seen some other ones that I am relieved that the troubles they had did not happen to me, and almost dissuaded me enough to not pull the trigger on this purchase.