We drafted, signed and notarized an "agreement related to ownership of real property" Stating ownership shares, and income splits. 

Probably has another source of income resulting in them not closing houses and not being immersed in real estate on a day to day basis

The ACH transfers are slow but reliable.Cash: dangerous to handle that much cash, easy to lose, have stolenChecks: bounced check fees are a painPaypal and some other services: I have heard horror stories of accounts being frozen for weird reasons

I created an account a while back without much initiative but now I have returned looking to learn the BRRRR method.

This holds them accountable in keeping up the property and how the operations are done. 7.

I believe the one that does my tax mentioned using scorp due to our income but i seen its not advised to put real estate under scorp

tells me they've been getting calls from customers alright.Fourth, I looked through the mortgage contract fine print (see last photo) and found one reference to where the bank could require Annual Reports for net operating income, but nothing about requiring tax returns, requiring an annual personal financial statement, or anything about tacked-on interest rate bumps, other than delinquency.

Hey Hemanth, You can structure this on a portfolio loan with partial releases allowed, as long as the portfolio can debt service at 1.00 with the total income and expenses from all properties remaining. 

I am looking for guidance on how to handle the first income property as it relates to getting the loan and LLC formation.

I want to utilize my marketing skills to get into the industry and familiarize myself while making my income.