I am prospecting in MD and the settlement costs just for transfer and recording fees seem very high.Thank you for sharing your expertise.

I went on to work not only in escrow with my sister, but in the Title company, Originated and processed Mortgage Loans, worked as a Foreclosure Specialist, been a private transaction coordinator and finally now I work as VP of Acquisitions for an international firm, and privately as a trustee and private investor.

Based on that you have two completely different approaches, if it is a former it really comes down simply to income you and your partners have and a 25% down payment (assuming you are not going to live there) for a conventional agency loan (FNMA/Freddie) and you will have to put it in your names as no mortgage banker will finance an LLC/LP (there are ways to get around it after you buy it in your name and transfer into an LLC without triggering a due on sale clause but that is a different conversation).If you are talking about a multifamily loan, you can get a down payment for as low as 15% for certain product types (like FHA multifamily) but you would need a loan amount of about $2 million for most lenders.

I found out Zelle has limits on how much you can transfer.

Also don't forget that if there are security deposits held by the seller, those should transfer to you at closing.Good luck!

It sounds like you figured it out but normally the path of least resistance is just to call the city’s building department and talk to them, then ask them transfer you to the zoning department and have a conversation with them.

This advice can transfer to any property you look at in the future :)

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We later quit claimed the properties to our LLC in order to transfer the ownership.

The fire dept turned off the water at the street by the time our guy got there, and the City quickly got involved exerting a fair amount of pressure.In the interests of keeping this story short, these are all the things that we had to do: Communicate with the property owner, the tenants, and the city constantly, offer hotel rooms to affected tenants (some took us up on this), secure the building from future squatters, get the water main and all pipes thawed out, have the water company turn the water on at the street, have a crew of plumbers isolate and repair/replace broken pipes in a muddy crawl space, clean up the mess created by the water in the basement/crawl space, get into all apartments to inspect for damage, test and get water service restored, and repair some internal damage to one of the apartments (that's still in progress), and apologize to the tenants.