And finally do you account for the mortgage balance as a long term debt?

Well, with him paying post-renovation rent you are acheiving what you want on your balance sheet while saving money on the renovations for his unit.

Forming an LLC for each property may seem extreme to some, but perfectly rational to some.The real cost of owning a property under an LLC as opposed to just buying it under your own name is similar to why people don't feel its wise to do business as a sole proprietor as opposed to an LLC or a corporation.

No matter who they are, they are important, and in order to live a balanced life that is truly successful, you need to regularly consider the “WHO.”

It seems he does not want to look badly if he doesn't bring forth a perfect deal.  

`````````````````````Sub2 is for little equity, perfect house condition, PITI payment is less than rent by at least  $300 a month. 

The system has corrupted the legal process to the point that whether you are guilty or not your only option is to settle out of court.The resent situation with Disney in Florida is a perfect example of the distorted scenes of greed over powering logic.

It is a good reminder that I do not need the perfect property to do well and I would probably be better off getting started than waiting for fantastic deals.

However, the development of the balance of the land is an interesting add-on and potentially your value add here. 

I will start with the details regarding the property then where I'm at now Back in May of 15' i came across a property that was heading to sheriff sale due to foreclosure, i was planning on bidding cause this house is in the perfect location to me, close to work and my family and has plenty of land etc. which make it ideal for my needs.