All Forum Posts by: Stephen Korn

Just to second what @Arlan Potter said, spend a hour or so at the City Hall or County admin building, talk with a building permit folks, they're general very helpful, and its a great free resource.   You may not like what they tell you, sometimes their requirements can be difficult to reasonably accomplish, but at least you have the info directly from the Building Dept. and can decide what to do from there.  Also, they may be concerned about a tenant only being able to exit through a shared egress area, if that were new construction the common space would likely have to be fire rated construction. 

@Zach Stanard you or your CPA will have to file a tax return in the state the property is located in, and pay income tax on the net income the property generates. But you should consult your CPA to confirm. Also as a California resident, if you decide to set up a CA LLC, the Franchise Tax Board will charge an annual fee of approx. $800 per year, so its best to set up an LLC in either the state you're invested in, or in a LLC friendly state (Delaware, Nevada, etc).

Hello Monika, we self manage our 4-plex in Pocatello, but the common area is PM'd by The Brokerage PM, they've done a good job.   They have just merged with Real Property Mgmnt Pocatello.   

I've also heard 5 Star Property Management in Pocatello has a good reputation.