I picked up the next 2 about 5 years ago when my father in law and my grandmother passed a way and I took up what they owed.

Just thought I would point out the commodities industry as my father in law worked in it and it does tend to go belly up on a cycle (remember too that it will come back up after the bust as we all rely on that market for every day life).

I'm in Montgomery County but primarily invest in TN and MS where my brother and father are right now.

My friend's father, also a real estate investor specializing in multi-family properties, has numerous LLCs established (her guesstimate was about 18 LLCs) for tax purposes.

After all that was done she had it all reviewed by her lawyer.Now in terms of the rent procedure, one of the properties is actually next door to her and my father's home.

I have been in this business since I Was 13 working for my best friends father building homes during my summer vacations.

I think that is going to bring a reality shock to my father, who is to some degree mentally living in the RE land of 7 years ago when houses sold in their neighborhood for almost 700k that were complete wrecks.

Just let the current tenant know that she is grand-fathered in with a sweet deal (no pet deposit).

My father-in-law is also a very experienced agent and former broker with 35 yrs in the business who has been there to guide me and will do my deals.

What started as a 2 month job on the road turned into buying my first home (an amazing little cottage in the M Streets) and now hopefully starting my REI career.One of my first jobs as a kid was being a handyman for my friend's father.