Rentals conducted as “net leases” (the lessee is responsible for all lease expenses, including taxes, insurance, rent, operating expenses, any mortgage interest/principal payments, etc.), however, generally do not qualify as a trade or business.If Non-recourse:No debt discharge income results from a foreclosure or deed-in-lieu transaction involving only nonrecourse debt.

The auction is a live auction conduction by auction.com.Thanks guys!

1) Have clear Goals with access to capital 2) Perform daily Rituals that support the Goals 3) Uniform Branding 4) Marketing Plan (which I call a Massive Action Plan) 5) Conduct Daily Outreach 6) Due Diligence systems (either self-taught or through formal training) 7) Vetted Team in place (all the vendors and partners needed) 8) Workout systems (either self-taught or through formal training) 9) Living Forms Library (you need this to Note Invest at a high level) 10) Discipline to maintain the processes and treat Note Investing like a Business Please feel free to add to the list...

What forms do I need for renters, leases, ect.How do I conduct the screening?

With investment property its very common for the investors to give power of attorney and we conduct the closing ourselves. 

Regarding your question: The court in the past have looked at these intents:  The agreement between the parties and their conduct in executing its terms; The contributions, if any, that each party makes to the venture;Control over income and capital and the right of each party to make withdrawals;Whether the parties are co-proprietors who share in net profits and have an obligation to share losses;Whether business was conducted in the joint names of the parties;Whether the parties held themselves out as joint venturers; andWhether separate books of account were maintained for the venture.In more complicated cases, the court has ruled what you are expecting, but there were some significant differences. 

The dilemma I have is that the property management company is renting one of the lower units to conduct business. 

ILLINOISTitle companies, lenders, and attorneys may conduct closings, but only attorneys may prepare documents.

This Attorney lost that law suit which was for incompetence representing a Buyer.One of the things we want to accomplish is to allow information to be disseminated in to the public records so that anyone who chooses to use that Attorney has the ability to conduct a public search before they retain him.Without these cases, he record looks incredibly good as a practicing Attorney for over 2 decades and no disciplinary action against him.We want to proceed not just to get Kevin's money back, but also to hopefully allow others to have that ability to find information to make a wise choice on selecting an Attorney. 

@Chris Seveney, 80k was derived from a walkthrough conducted by my contractor. 4 months is based on the fact that the units themselves need mostly cosmetic work, and the basement being the biggest project.