What would you suggest is the best thing to do with this income?

The broker I got the loan from has suggested that I create a second llc and sell the home to myself for $185,000, then use the proceeds to get all of my cash back out to use for future deals.

Are there any suggestions on how I can go about finding better prices for this?

Hi Nina,Since you're just getting your feet wet, I'd suggest reading some books and listening to the podcasts in order to get the basics down.

I am currently taking a real estate investing class through UNH, listening to the bigger pockets podcasts, working on finding some club meetings to attend (suggestions welcome) and building a team of people to work with.

My suggestion would be to begin networking with other local area investors.

Does anyone have any tips or suggestions on how to word a letter to this person if I am trying to find more information on the house and possibly purchase the property?

Just wanted to formally introduce myself and per suggestion of the Podcasts - would like to get more involved in the forums.

Sine we own our primary residence one of the banks we contacted suggested we use a home equity installment loan (HEIL) saying that it would allow us to make what amounts to a cash offer on the property and secure the loan with a similar term and interest rate to a conventional loan and the added benefits of no closing costs.  

My legal advisor suggests keeping no more than $1 million worth of property per LLC.