The nice thing is that Land Trusts are often much cheaper to setup, have no annual fee (they are not filed with the state), and don't even need to have their own bank accounts (all banking/accounting can be done at the FL LLC level).The idea behind separate entities for each property, be it cells, land trusts (FL), or LLCs, is to silo off the assets from each other to prevent one assets liabilities from exposing other assets, thereby minimizing the amount of exposure that you have to a single lawsuit or incident.Note: This information is foreducational and informational purposes only and does not constitute legal,tax, or financial advice.

@Brian Siedenburg He seems like a nice tenant so I'd explore options to add an addendum to the current lease.

But if you ran numbers on the high end and didn’t achieve as nice a renovation due to experience or other factors, you can find yourself in a predicament.Always, always, always overestimate your rehab cost—especially as a newer investor—and if you’re not sure, have someone else look at the property with you: perhaps an experienced agent with construction experience, a mentor, or somebody who has spent money on similar projects.

When the lender at Griffin does answer they are nice and sweet  but I think it would be better if they answered the phone consistently and got the job done.

Or does it matter that your property only breaks even if you pulled 20k over what you spent on it and it's in a nice area and fully stabilized?

@David BrownDavid — nice position to be in with that equity and cash flow.

They are expensive as it stands, and particularly for early deals, where you are learning the ropes, it is nice to know that delays may be costing your "opportunity costs" but they aren't costing you actual dollars.

It’s nice to meet you! 

Nice place!

Nice friendly place.