My strategy is to secure a line of credit on the equity in my current home and use that to buy and hold a rental property under my name before transferring it to an LLC.

At each bank I obtained an UNSECURED LINE OF CREDIT.

But I don't have the money or the credit to get into multi families.

Starting your business now would give you the credit and history of your company that you could use in the future to purchase homes with loans made out to your company.

What this means is that no traditional mortgage company will finance the home as the 2nd lien holder so if you plan on refinancing or selling the home, you have to pay off the "program" to be able to do so.(3) Some of these "programs" have penalties attached for early pay off or transfer of loan to another.(4)  The interest rates on these "programs" for these loans are high as many of them do not use credit scores to qualify people seeking the loans.Finally, there was a recent news article in my local paper about the "HERO" program [one of the green programs] which warned about using the program for these very reasons:**Beth Mills, a spokeswoman for California Banking Association, said in a telephone interview that any program that makes homes more energy-efficient is valuable, but the financing structure is problematic.

Yes, there are of benefits to the 529, much like there are benefits to IRAs and 401ks, but I trust you're finding here on BP that wealth can be, and is, amassed more quickly when you take control of things.

If we decide to make an offer, is it possible to either 1.) make the sellers put the full price of repairs in escrow (even though the other unit holders will benefit from the improvement); or 2.) make the offer contingent upon the condo association putting a certain dollar amount in escrow to handle the repairs; or 3.) do a combination of 1 and 2 saying that if all of the owners don't put a certain dollar amount in escrow by a certain date then the sellers pay the full amount of forfeit the deal?

Hi @Wenhao Leu  I bought my properties with an Equity/Credit Only program.  

How's your credit?

I did buy in Detroit 10 years ago for $16,000 Now worth $500,000.00 My nextdoor neighbor (house 2400 sq ft) sold 3 weeks ago for $339,900Mine is 4987 sq ftI always posted I was in Detroit for the appreciation the cash flow was added benefit!