First Deal Under Contract - How did we do?

[Alex Lane]

I have my first deal under contract, looking for some feedback on how I did;

Duplex, 2 long time tenants currently at will 

Purchase price: $130K

Current rent total: $950/mo., hasn't been raised in almost a decade

After closing the rent raises to: $1300/mo.

Utilities are payed by renters.

My sister and brother in law are buying a nearly identical duplex right next door.  They live out of state so I will act as property manager for both properties.

Business structure is where things get a little (maybe overly?) complicated. We are both having to finance the deal with mortgages so our names will show up as owners. Sis and BiL have created an LLC to pay mortgage from and to receive rents. I am leaning towards a general partnership with the wife for the same purpose. The main goal to keep my name mostly private and a GP seems the easiest and cheapest way to do that. And finally we are planning on yet another LLC to take care of property management. This is where we would keep app. 3 months rent liquid and pay maintenance and other costs from. Both families would have access to the bank account established for this LLC.