You will hear it mentioned on that podcast but if I were in your shoes the first thing that I would do is write and stick to a family/personal budget.  

Would the following be examples of typical downsides to this strategy: - rehab amount falls below minimum loan requirement - not being able to refinance / use deferred refi since I'm using a loan for the rehab vs. cash- ARV appraises less than expected, and hence presents a challenge in repaying the HML solely through a cash-out refi - extended holding costs through being unable to refinance until the required seasoning time period ends (e.g., 6 months, 1 year)Just trying to get an idea about what obstacles I should anticipate if using this strategy.

I have a jumping Boxer, she wears shoes.

I would have to say solely on your post this would have to be categorized as a success!  

Each LLC will be selling a property and it will have it's own exchange and buy it's own replacement under the direction of the sole member.  

If I was from a distance, I'd likely be looking at it solely as an apartment just because it's "easier" to value apartments for the normal investor vs an added commercial area in an area where I would then have to not only properly value the apartments and that market but also know the commercial market to properly value it.What's it's highest and best use?

This will be your most iron clad contract.2) Find a broker who can use a standard issue contract (usually written by attorneys but protect all parties) and have he or she write up the PSA. 3) If I were in your shoes, I'd tell the seller that you need to run the numbers by your "partners" and will send them something to them via DotLoop once you have final approval.

Hi @Dakota Soles,Nope, do not major in RE.

Additionally, we have another investor with 100k available but not sure how to incorporate that person as I am assumming all the risk by being the sole person on the note.  

3) Do you have a bank willing to do a refinance on a property solely based on the Appraisal, even if the property was purchased within the last year?