I'd say $5K or maybe a bit less is right in line, but I'm not an authority.As an example, if you had done your homework and had a knowledgeable partner you could get it under contract under your name and (as example) my name.

It is much easier if it is on-line.

As for the "I would rather spend my time trying to find my next (great) deal " line, well let me explain.

I believe that 4 of my first 14 were along the lines of what one would call a contribution.

the re: line is "Biggerpockets"...

Or with a HELOC somewhere along the line.

If you are relatively new, I would strongly urge you to attend a number of Sales first, observe which Investors are bidding (they are usually regulars with Cash or Credit-Lines), evaluate the properties that are being advertised and sold, including the figures (numbers), then determine if you are ready to play with the players.

If you are buying rentals you might want to line up some other financing.

The purpose of an LLC is to protect you and all your personal assets outside of the LLC in the event of an unfavorable monetary judgement against the LLC.I agree with the other posters that setting up an LLC can be simple and inexpensive.But would I be willing to "bet the farm" on my ability to do everything required exactly right to remain out of reach of litigious hyenas?

I am just trying to get financing lined up currently.