All Forum Posts by: Ernest Tyler

The attorney never said why we needed the business plan, he just said we needed it and all the information we have on the properties.

Half of the properties are owned, the other half still have a mortgage on them. I will ask the attorney if there is a clause in our lease about becoming an LLC.

My father is keeping the properties in his name and will still be the owner. I will only be the property manager. We are looking into the LLC because we need to have a lawyer do evictions due to Ohio law saying only owners and lawyers are eligible.

My father is looking to retire and wants me to take over his rental properties. I have been doing research on taking over the properties and I've found out a couple of things, but I still need help on some things. I found out that an LLC is the best way to go, especially since all the properties are in my fathers name and he wants to keep it that way. I have already contacted a lawyer about becoming an LLC and he would like to see our business plan. I have never created a business plan. I looked at the templates in word and I downloaded a program to help, but the questions that the ask are requiring a lot of detail to answer. So I guess my questions are:
1. Is it necessary to do a market analysis if the company is already up and running?
2. If so, does anyone have an example copy of a market analysis for rental properties?
3. How detailed does the entire business plan have to be?

Is there anything else that you can tell me that I should know?