I can tell you how it works in my state and the general (federal) tax concerns.The partnership (LLP) would need to agree to transfer the property to you or an entity you own (such as an LLC) under terms that wouldn't equate to a gift.

Due to the hit in my cash reserves it took me 2 years instead of 1 but I gained a tremendous amount of hard learned experience.

This is where I would add some caution about overextending your leverage, but it sounds like you're making good money and will be able to have a healthy reserve fund on hand for the issues that may come up.

We are looking into the Navy Federal Credit mortgage options.

For example: some parts of the federal law do not apply if the landlord lives in the building and has no more than 4 rental units.

I know USAA and Navy Federal will definitely know what this means and ask about future employment.I could use vacation days to visit and view properties ahead of time if I needed to.

>KNC<I got this from another investor but www.penfed.org or pentagon federal credit union will offer a 75% LTV 4.75% (1.5% + prime which is 3.25% currently) for borrowers with no more than 3 non owner or financed properties.

I mean I suppose I would just want to structure terms, where my payment to the original seller is drastically less than what the rent is, but I don't see that being enough for reserves, expenses and whatnot, but I guess that comes down to the terms.

The lender I used asked for a bank statement to show significant reserves and did a soft pull of my credit.

Basically until the association has enough in reserves to repair the roof and still have some left over.