Otherwise if the property is owned by you personally and the rental agreement is to the LLC then you would both be parties to any lawsuit and potentially both parties liable if liability is found against you.  

Seeing if this fits anybody's criteria:neighborhood: Inwood North77088Klein ISD3/2year: 1981sq/ft: 1557Rental comps: lowest comp (1) is $1250/mo.....majority of others $1300/mo and upARV: $120k on the conservative low endAs far as the condition goes.

The buyer is clearly being more conservative than what I preapproved for.If the buyer gets big eyes and wants to scale up from the preapproval purposes scenario, we gotta have another phone call or in person meeting.

This is a  "Subject-to" transaction, hopefully using two notes.A seller is willing to take I/O for 20 years is probably 1 in a thousand and they will be taxed just as Greg is, make that 1 in 10,000.I'd bet Greg doesn't mention the other issues with a Sub-to, foreclosure, Greg can only foreclose on his interest, that could be paid off, the note to the first seller is pretty worthless, that can end up going to the state in a medical issue, then there are risks of bankruptcy, law suits by other parties, collections and servicing, deed transfers, insurance, liens and the list goes on, which is why you should not do long term subject-to deals.      

@Paul Kessenich- in Nashville, the target market for these larger home is bachelor/bachelorette parties and other larger social functions (reunions, weddings)That is another degree of risk for long term.

It occurred to me there might be a third party service that can provide the "assessor's role."

I was hoping that the 20k in rehab would force some appreciation in rent, but now in hindsight it's best to be more conservative and go with the lower number.What are you renting your properties for in your area? 

Pretty late to the party here, but I am looking at a property in Villa Rica.

@Mark MathewsYou need to be very conservative with you numbers when analyzing potential flips.

Some of my concerns include: No third party oversight of the underwriting process—REITs have equity analysts, quarterly audits and SEC regulation.