We are actually in the process (its all in the hands of the lawyers at this point) of some corporate restructuring to make it possible to bring investors in, Joel.

Finding a fully performing property especially at the 50% suggestion with multifamily is a non starter.A trophy property the owners will demand a premium.The typical buyer is a doctor,lawyer,etc. who wants a newer property in turn key condition to us as a tax shelter.They don't really need the income all that much.What I see most investors going after including myself is value add deals.Where you have a burnt out landlord or a property with deferred maintenance or both.Some people have more money than sense and do not make good managers.The value add deal is where you can create equity and cash flow the quickest.Many investors love apartment foreclosures from banks.There is no emotion like from a regular seller but also there isn't usually as many ways to structure a deal.So each avenue has it's pluses and minuses.If you talk to banks they are hoping the market gets better.If you talk to buyers many say we are still in a recession and will not pay the banks prices based on over inflated appraisals.So what you have is a stand still in the bid-ask gap pricing.Some product is moving but not the kind of volume to turn the market around yet.If you want start out with one house and build from there.I agree with everyone on the fees.The contractors will suck you dry.You have to know what work you want to do and not to do.I tell contractors I want investor pricing and that I am very cheap and want a deal.If they are looking for a retail deal don't even waste my time.Between plumbing,electrical,pest control,lawn maintenance,and on and on your cash flow can go out the window real fast.On my apartment building I have a cheap handyman mow the grass and do minor repairs.Grass company wanted a one year contract and 210 a month!

My personal opinion is twofold on the subject: 1)I follow the state regulations as it pertains to my contracting business. 2)The hazard posed by asbestos is real, but significantly over stated due to liability caused by lawyers chasing lawsuits.

What is really needed is the input of an actually lawyer on this, but I'll take a stab (I'm not a lawyer)An LLC offers the same type of veil status as corporations, with the same taxation as a partnership.

When lawyers take a case, they look at the amount of work they have to put in and match it with the prospective profit they can earn from the lawsuit.

This actually isn't an advertisement for it in any way, as the lawyers say that we can't discuss numbers at all since it is all projections.

Originally posted by "**********":David,If you threw someones *&& out as you say, and they went to a Tennant Landlord help center, or got a low or no cost Lawyer, you could loose a heck of a lot!

It could be fun but it might not be the best way to move forward after getting a law degree.As a lawyer you are exempt from license requirements in terms of being a RE agent or mortgage broker if your main business is something other than those two area.Personally buying a home, fixing it up, having roommates and other things will all work.

I know I have several RE books that have sample contracts for assignment and I remembered that since we're military we have free lawyers. not sure if they do this kind of RE law but it doesn't hurt to ask.

Do the HML have lawyers or do they just use "muscle"?