But, getting started in real estate and  acquire more properties, unless you have a trust fund, you are going to need to acquire debt. 

So you are stuck with it, unless his lease afforded a new owner the right to terminate the lease within X number of days of acquiring the property, but my guess is the lease wont say that if it didnt even talk about late fees. 

When you acquire properties, you have to book the land and the building, so you have to know the land/building ratio.

If I stumble on anything worth mentioning while acquiring my first, I will gladly let you know.

First, I must mention that I am not asking for advice on "what to do next" or "how to get started" because I already have a vision for myself.I will try my best to keep my points short but I should readdress that I am not so ignorant to think that my way is the only nor correct way to live life for all people are uniquely special.Why pay to be taught when you can teach yourself/acquire free knowledge?

For example, if a lender lent your LLC the money to acquire the asset, if you transfer the asset to your name, from the LLC, the lender has the legal right to call you on your note, thus demanding that you pay the entirety of your outstanding mortgage, upon sale. 

In that example, the interest on the HELOC would be deductible (on Schedule E) against the newly acquired rental property because it’s a business expense for that new rental.

I also have heard a lot about New Britain, so maybe after I acquire a few local properties I can check that out.

Successful investors have an exit plan for every property acquired. 

I help clients acquire and dispose of investment properties in the near western suburbs, and I also am investing in the Berwyn and Lyons neighborhoods.