Hi all, I own a lot outright ($190k) at the Delaware beaches.

Only one bank account needed, but you'd have to track income & expenses to do transfer and year-end accounting.As @Nathan Gesner mentioned, not really worth it.You two could also open a joint bank account for collecting rent and pay expenses, just be sure to track everything.Do NOT do what @Paul De Luca stated about transferring title!

Next, the GP which owns 1% should be a Delaware LLC because Delaware corporate laws are well established and business friendly.

Quote from @Paul De Luca: @Mitchell PetroskyWelcome!

I did look into them though a bit and I came to the conclusion that I would rather just do a 1031 into a Delaware statutory trust (DST). 

When a squatter decides to park his RV across the alley from the d**e house, never expected it to be Walter White.

Make it clean, de-risk the exchange process and simply your costs for the exchange.

We had one in Mass. recently where they overvalued the property which was in awful condition and compared it to homes in a cul de sac that were updated.

California requires an $800 for LLC's that are doing business in California.California law suggests that managing members of an LLC that are a resident of California are considered to be doing business in California.Normally people will suggest opening up the LLC in the state where you are doing business(Normally the state where the property is located at).Others will suggest opening the LLC in a different state such as Wyoming, Nevada or Delaware for charging order protection, business friendly case law, anonymity, etc

Quote from @David De La Torre: Hello Cleveland Investors and Landlords,What do you think is an affordable price for getting your grass cut monthly by mowing/landscaping services?