I believe all the math has been done correctly but would love any input you have. the cap and cash looks to be low but I should be able to sell the house for 145,000 no problem after renovations.

Just to protect yourself, not just from your partner, but say a contractor gets hurt, if the LLC isn't filed correctly with an accurate Operating Agreement, you are LIABLE.Further, the key to an operating agreement is to clearly detail ownership, responsibilities, how to handle the bookkeeping, and also should detail how to remove a partner should one person want to leave.These are absolutely key.

Under an LLC am I correct in understanding that you don’t get taxed on the profits that the company generates (and that we’d reinvested into the asset anyway) and only on cash that is extracted from the company as either salary/benefits or dividends?

And this has to be more of a technique than a product.

., a Home Improvement Service Company which has sparked our desire to get into the Real Estate Investing BusinessMy wife, Theresa, and I are very excited about being able to learn techniques and get help to build Our Real Estate Portfolio and learn the Real Estate Investing World through the knowledge and help of BiggerPockets.com Members, Forums, Podcasts and BlogsWe are looking forward to making new friends and build new relationships while working at our new Adventure of Real Estate Investing.We Hope add value and a benefit to BiggerPockets.com with our Services.thank You, Best Wishes and May God Bless,Donald and Theresa KlosCustom Refinishing, LLC and AOK Properties LLC

But thanks for correcting me, this is exactly what I was looking for.

I assume this $38K land contract will become your problem once you own the property - because someone will have to pay it off if it's clouding the title - is that correct?

I soon began rehabbing .Wanting to do everything correctly as possible was easy just expensive.

If everything is working correctly then plastic on the windows or area rugs might be answer.

If that is correct, I would need to acquire at least 30 properties within five to seven years, is that doable, or am I getting way ahead of myself?