All Forum Posts by: Carole M.

I rented to these gals because I really liked them. We had several talks about pets and they really wanted a pet, so we compromised. They could have a cat but they had to sign a Pet Policy and have a Pet Rider attached to their lease. They had no objection and they are the best tenants. I suggest you get a copy of a Pet Policy/Pet Rider and read it and show it to whomever wants pets. If they agree and all else is OK, then rent to them.

I had young college girls who wanted pets. I had them sign a Pet Rider Form and gave them a copy of a Pet Policy. These forms can be gotten from a local ofice supply or online. I confined the pet to "cats" rather than dogs, as I had young children on the first floor. I also encountered a dog they were keeping for a friend for a few days and it "growled at me" when coming down the stairs. I then said "no to dogs" as I was afraid that the dog might hurt the children on the first floor. The Pet Rider outlines everything that must be adhered to including vaccinations. The gals complied and we did not have problems.

Mike

I suggest you start another post regardihng your last post and you should get some real good posts back regarding financing/loans.

When BP starts giving you AWARDS and one of them is Addict!

When there is more than one owner, an OA is essential as it spells out everything and both partners sign the OA and agree to the terms and conditions. The OA should be drawn up by an attorney rather than using OA's from websites. Good record keeping is essential. I would also sit down with a tax professional.

Thank you Steve for the reassurance.

Thank you Bill Watson. This would be more logical and make more sense, but I will check with my RE Attorney and CPA.

Thank you very much Jon.

In april 2009 a LLC Partnership was formed (50/50) between two siblings. The Partnership was dissolved June 20, 2011 with one partner (myself)selling their membership interest/share in property to the other. The remaining sibling changed the LLC to a Single Member LLC and owns the property 100%.

I sat down with my CPA during the summer and went over Capital Contributed (this includes Cash Contributions, my share of Land/Building Value and Depreciation); Income Recognized, Distributions, Losses Recognized and a Capital Bal at 12/31/10. We listed what the 50% share sold for, legal fees and came up with an Adjusted Sales Price and then a small Gain.
I feel we have the tax information we need for my 2011 tax return, but now we must wait for her to file the Partnership Return/K1 for 2011.

I guess my questions is: The Partnership was only for 5 month/20 days in 2011, can she file a Partnership Return for the Calendar Year 2011? What forms should I expect to received other than the Partnership Return and K1's?

I would appreciate any information you can provide.

You might want to check the plumbing for leaks within the walls. We bought a brand new condo and right away the double pane window in the kitchen showed condensation. Maintenance was called in and checked upstairs condo and the exterior walls and found leaky pipes which needed to be fixed, thus the walls were broken and the pipe fixed. Before you pay for new windows, have a licensed plumber out to inspect the plumbing or you may have the same problem with new windows/frames.