I did serve a 5 day when they were late for rent and can legally nullify the lease and do a 14-day notice in Wisconsin and escalate for an eviction if it happens again. 

This second defeat at the ballot seemingly left WIP with few options, and it was looking like they way overpaid for this land that in it's current legal state could only be used as a golf course or park. 

This is both a legal and tax question. 

I’m looking in the DFW market initially and I’m definitely open to any words of wisdom and/or mentorships. 

Definitely an important clause to have with all the wear and tear!

I definitely don't recommend renting to a friend.

As for the legalities of setting up an LLC to protect you and your partners, I would consult with an attorney for best judgement. 

@Kobe Carr I am in no way an expert but I could definitely schedule some time to walk through them quickly.

I have been searching everywhere and calling lawyers and I have not been able to get a definitive answer.

For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.