They'll start to point things out you may have missed.After doing this a few times you can get comfortable that your numbers are about 80% correct and you can just build in a 20-25% contingency for the stuff you missed Now you're ready to start pulling the triggerOf course you can ignore all of the hard work up front and just dive in...but then you also need to be prepared to lose $20k...if you don't have $20k to lose...spend the time to do your homework and practice first.

They passed a credit check, federal and state criminal and eviction searches.

I could just put it all on a credit card and try to pay it off over the next few months with my personal savings, but I could also try to either borrow or add it on to the purchase price.

When I chose to step up to these challenges I was neither "naïve" or "overconfident", I was prepared and determined, as a result, I'm now a better engineer, Marine, and pilot.

Will cost you time and effort to create and maintain the LLC and then you have to have a separate tax return prepared for it.  

For 10 years I used padzilla, also known as tenant-net, for eviction and credit report screening. 

I’d say sell that property before something goes wrong then go back to square one, save up for a down payment and ample cash reserves for when something inevitably goes wrong, establish 2 years solid and consistent income, build credit, find a bank to work with and start over again in a better asset class.

or second worst.. depending on who you talk to .. my banker thinks it was worse than the 30s depression.. but anyway.. we are now coming back into balance.. and unless we have a Credit freeze again were is this distressed inventory going to come from.. ??? 

I probably would put this on a credit card with no interest for a year... rather than use reserves.

Our thought with buying ourselves a home is that we could take out a line of credit to use towards purchasing a multi-family.