From an advisory standpoint, it can be used in some less conventional situations such as for executive compensation and buy-sell agreements for example.  

My father is not interested in keeping the properties in his name and simply having us manage them, but is open to the concept of us owner financing them from him with a long term, friendly agreement. 

Review their management agreement.

I recently received a letter from People's Gas regarding a Landlord Reversion Agreement.

“Guaranteed rent” is what made me convinced and they are “more likely to be cautious” because if they break the clause on the lease agreement, they might get evicted and the chances of them losing their voucher becomes high.

This can be fairly straightforward, depending on your agreement and if a partnership return was ever filed, you'll want to report half or your portion of the basis in the property as well as half the sale price minus expenses.

It also is helpful to have a California LLC in case you ever sell that property and move into another state so that you do not need to form a new LLC altogether with new operating agreement, just re-register in the new state as a new foreign LLC.

When someone pays me for an LLC, they are mainly paying for creating the operating agreement that governs the operations of the LLC.

I do not accept personal checks under any circumstances for these move-in funds.This agreement is between_________________________________________, hereafter referred to as “Prospective Tenant(s),” and ____________________________, hereafter referred to as “Landlord.”Landlord acknowledges receipt of payment in the amount of $___________ from Prospective Tenant(s) as a non-refundable binder for the property listed above.

Typically, the request is at least for the organizational documents, operating agreement and the IRS EIN number.