First, the three of talked about our goals, exit timeframe, amount we would each buy into the LLC for (shares), etc. 

Because these properties are inexpensive, most investors pay cash, or wait until they have a few, then refi as a package.In ALL cases, across ALL property classes, it's always a good idea to be holding multiple properties, so the risk can be spread, and the law of averages can be working in your favor. 

Another way the 1% rule can lead investors astray is by applying it to inexpensive properties. 

Doesn't differ if you are buying a home prior to being foreclosed upon except that you are on a potential tighter time frame to perform.

I have one property currently and with this short time frame what are my options for that money?

And then there is the time frame.

If you can find any that match it within a reasonable time frame (like 6-12 months max) then you would probably need to come up with an average price per square foot for the neighborhood.

Due to his actions, he did not provide the required documentation within the proper time frame and his portion of the rent went up.

If you win, you will be way behind in expenses.

@Matthew Thomas equity building, tax benefits, investment potential from activities such as house hacking, inexpensive financing compared to other investments, downpayment assistance.