Tossed into the Deap End

[Jessica B.]

A few years back I tested the real estate investment waters; since my father had enjoyed doing the same as a side business. I had all of his experience and support in doing this. Plus, I had the help of his seasoned team (friends and employees.) So, 2 years ago I bought a single and a double to add to the mix of properties already being managed. I've been very hands off being in a different state and things have gone well.

Unfortunately, this past year my father (and best friend) passed away. I find myself with more than I know how to deal with, but I'm trying and learning. I have so many questions, I hope that I'm moving in the right direction. Advice is welcome. 

- I have an LLC, a trusted lawyer, a great family, a loyal handyman team, an aunt managing the properties and a sister in the same boat. There are no mortgages, and everything should cash flow.

- I want to continue to employ our reliable handyman team (30 yrs with my father), but the repairs on the rentals won't be enough to keep them busy. Which means we need to grow the portfolio, flip houses or employ them for less hours. The other option is to partner with a property management service (also family friends), who might be willing to employ the same handymen. 

- If we decide to grow, I want to make a separate business to to the employing, fixing and flipping. Then for the other LLC's to buy the properties from this entity. Will this work?

- I want to give this experiment 3 years to work out. I think it will. 

Thoughts?