The Chicago Association of Realtors'® specifically state "When you become a Dual Agent, you owe equal fiduciary duties at that point to both parties in the transaction, and you lose the ability to negotiate for, strategize and advise either one."

Looking for help and suggestions- I want to say I have learned my lesson and now know to use a third party to hold funds.This is my first time working with a private lender/family member.

We currently accept rent from tenants using a variety of 3rd party apps-Cashapp, Venmo, Zelle but are moving away from accepting payments in our individual names and want to start accepting payments directly to the LLC/business accounts, but LLC accounts do not accept Zelle and there is a fee for using business accounts on Venmo.

REIA's, BP Meet Up's, General Cow Tipping Parties?

Part of that is team, part is systems that create efficiency, and part is advances in technology that allow me to do things I could only dream of 30 years ago.

And, as I'm sure you know, both investors would require a 3rd party verification of assets to prove their accredited status.Let me know if this is what are asking or not.

Certainly nothing ground-breaking in terms of ideas here, however I'll be very hands on (and on site) during the process to make sure that every step of the way is executed to a high standard and very carefully.Once I've hopefully developed a successful track record and gained experience, my next goal would be to move on to commercial assets (think multi-family, industrial etc) so that I can leverage my existing investor network and real estate knowledge to raise 3rd party equity and take on bigger projects.

Based on your description, Party 1 seems like the safer choice.

The IRS views this as a related-party transaction, and deductions like rent paid to yourself wouldn’t qualify.

nothing wrong with that at all as the property is being sold to 3rd party.