Looked at tons of places before I felt comfortable with the numbers, property, location, etc...I agree that the deals are scarce and it is better to hold on to the money for an extra month or 2 than throw it at something that will make you lose thousands of dollars over time or more. 

The cost of the average renovation in SA is around $20k - $40k and the retainer for an attorney on a case like this is $around $10K - $20K upfront, win or lose and if your Bob hides behind an LLC, you can can throw in the towel right now, or if he files bankruptcy to get out of the judgement, then you get nada.

Most wholesalers are going to see your situation and will throw you "deals" that will end up eating your funds away just to get them in rentable condition.By the way, Arian, how many rentals do you own?

Me and a business partner are in the process of forming our LLC, in Dallas Texas, which will own all properties we buy and hold in order to build equity.Due to low investment capital up front, we were throwing around the idea of my wife and I applying for an FHA loan, in order to take advantage of the low down payment, and possibly transfer this property to our LLC.Is this something that is done regularly?

Me and a business partner are in the process of forming our LLC, in Dallas Texas, which will own all properties we buy and hold in order to build equity.Due to low investment capital up front, we were throwing around the idea of my wife and I applying for an FHA loan, in order to take advantage of the low down payment, and possibly transfer this property to our LLC.Is this something that is done regularly?

I can't seem to find much information on it and wanted to throw the question out there.

Obviously this would hamper cash flow but I'm thinking you could sacrifice personal cash flow for a short period and throw cash at the 25% loan to pay it off quickly.

The place was completely trashed (some clear vandalism - neighbors saw the teenage son throwing concrete blocks into the pool, urinated on the floor, wrote on walls, and smeared feces on the wall).

But I would start there and decide then.Not sure if this even helps but thought I throw in my two pesos.Respectfully,Big Henry

- I also have a criminal record check I had to get for a part time job I had awhile back, should throw in a copy of this?