If she lives rent-free, you retain control of the property but lose the ability to claim rental-related deductions.For long-term planning, consult a CPA and attorney to ensure compliance with tax rules and align ownership structure with your goals, including potential conversion to a rental or estate planning considerations.

It’s humbing and frustrating, but it also teaches you those guardrails you’ll want next time.. like thorough screening, a solid lease agreement that sets ground rules upfront, and maybe even setting aside a bit more cushion in reserves.Chicago’s got plenty of investor-friendly pockets.

Focus on education, networking, and analyzing deals carefully to ensure your first investment sets a strong foundation for future growth.Good luck!

Because (depending on the business), they may not be necessary.What are your goals?

There are pros/cons to the bay area vs out of state and everyone's situation is different to reach their goals within their own timeline. 

My only goal is to have all the details clearly spelled out so we can adjust price and deadlines in a fair manner as things come up. 

Find what aligns with your goals, skills and also is available within your area.

And @Michael Plaks is correct that setting up in GA didn't avoid the CA LLC fee. 

What was your goal when purchasing this property?

I'm sure they're legitimate company, but investors should just watch their 6 and make sure the process follows this order:- Docusign (fully executed)- Wire Money- Follow Up consistentlyIn my situation, the company failed to send a Docusign while also setting a deadline for signing was communicated.