Even if you are getting the loan only in your name, which you can, and you are the only one signing the promissory note, the mortgage securing that promissory note, if it is a mortgage on your homestead, will have to also be signed by your wife.

I am wondering is it possible to secure at least 2 homes with this money and if so do I need to start an LLC first to put them under so it wont effect my credit score even though it is a 750 and also to keep it from coming back to haunt me in the future when do try to buy my own first house to live in.

Most tenants from my experience in property management prefer a lease rather than month to month as it offers them security of a home for that term.

If you're trying to rebuild, start researching secured credit cards.

The renter will need to secure financing for the remaining purchase price on the home by whatever date you agree to.If the renter doesn't secure financing, then you can charge fees and extend it, or terminate the agreement and evict them.Rinse and repeat

Look forward to seeing everyone next month.https://www.biggerpockets.com/forums/521/topics/659484-indianapolis-investor-social-2-2-in-broad-ripple

It's great to hear that I'm thinking about this the same way.I was talking with my PM this morning and he even mentioned that they will often require a 1.5-2 month security deposit on the lower priced rentals (based on tenant credit and financial background).

It was my understanding that the security deposit was to be returned, minus any unpaid rent and damages.

We had a security system installed into the home due to unsavory individuals looking to find some tools at a discount.

Make the asset secure itself- In larger multifamily homes you dont have to actually have all of the cash on hand. the asset will secure itself due to the nature of the facility.