I am looking to purchase a multi-family soon (with plans to live in one of the units) and am considering using an FHA or 203k loan to get started.My original thought-process on a starting point was to set up an LLC in order to protect myself before even beginning to analyze deals.

Murphy" exemption means you are exempt from Fair Housing laws, so you have more latitude in roommate selection, less onerous due process requirements, etc.  

It is nice if you can work with someone local, but that is not always the best option.Rather than geography, i recommend you evaluate providers based on:Plan types offered as being suitable for your goals; custodial processing services, checkbook IRA LLC or checkbook Solo 401(k)Expertise, time in business, etc.Accessibility of support both during and following plan setupFeesCustomer ratings/recommendations

Nice to meet you @David Michael I am interested in doing foreclosures and I am in the process of becoming licensed in NJ.

You can still show it and run them through your processes.  

I'm starting to think ahead about the advertising and screening process and had a few questions.

I feel so ignorant, but can someone explain this process to me?

Earlier this year we replaced the original water heater (I am sure the new one wont last 33 years).They will be gone as of September 30th, then begins the rehab and renting process. 

At any rate, we are in the first stage of the process and don't need to do anything until one of the parties escalates the situation.Adam: thanks for your reply.

I want to start my own firm so that I can streamline the buying process for my own investments.