Some of the "sold prices" aren't sold prices but transfers between family members or business partners.

Great question Phillip,If I were to start over, I would begin by partnering with a seasoned investor.

This isn't to say that one could have a different strategy if the opportunity presented itself with a partner.

Missed out on this but i hope its not too late.Woke up at 7:30 and went out for breakfast with my business partner.

So the interest paid by LLC will be income for me (51% partner) on my personal return and the benefit on remainder 49% would be the advantage so to say?

(I welcome tips on locations) Additionally I have aligned myself with some super excited partners to embark on some "dolling up" and reselling.It's a great day in Real Estate!

Great list @Ky Sharp If you are confident in your analysis and buying all cash the appraisal/bpo isn't necessary but an appraisal may help you negotiate if it comes in low.We like to have two or three mgt companies walk the property during due diligence and propose their mgt plan that includes a capex and/or repositioning budget.If the subject property and all properties nearby are the only things ever built on the land there you may not need a phase 1 environmental but if it's a large property and/or you're bringing in outside capital (lenders or equity partners/investors) having one demonstrates your thoroughness and professionalism even if one is not required.If there isn't a recent survey one it may be required but if one is not required getting a new one falls under the same considerations as above.We have gone to always having an engineer do the inspection even though it can be 2x what a non-engineer inspector may charge.

And request to be a partner as an unlicensed assistant so you learn ins and outs of writing contracts, negotiating, etc.You get representation and experience.

If you're talking about a hard money lender (who may prefer to be called private money lender), they will lend the money into the LLC once the deal has been reviewed and approved, taking a security interest in the property (mortgage or deed of trust), and most likely a personal guarantee from at least one partner in the LLC.if you're talking about actually taking on an investor partner in a deal, then they would be a member of the LLC and how the money comes into the partnership would be negotiated up front and dealt with in the partnership agreement.

My business partner doubles as my life partner and Mrs Cate was not in favor of that strategy so I wasn't able to go that route myself and it still pains to this day.