I just formed an LLC with a group of friends. There's 8 of us and we all are bringing 20k to the table. We have taken all the steps in creating our real estate investment group and we just got approved for our first property. It is a single family home. We are now working on closing the deal. Does anybody have any advice on anything we might need to lookout for moving forward? We are in New York and our farm area is mainly Suffolk County but we are open to investing in other areas even out of state possibly. Any suggestions on possible markets we may be interested in? Just looking for some tips and possible some contacts that may be useful.

Congrats! I would like to do something similar with my friends. I deal with several lenders in the NYC and Albany areas, feel free to pm me if you need help in that area down the road. Best,

Is this for a flip? Or rental? I am interested in doing the same with some of my friends but I want to stay in Queens.

This is a flip. I will post details and keep you guys posted on our progress.