After finally getting access (after closing), I discovered floor damage that should have been identified.

If they are simply joint owners of real estate through a partnership, his w-2 hours would not help for REPS status, they would hinder as TP would need to work more hours managing their personal rental properties than working at the w-2 job and meet 750 hours managing them as well. 

Hello everyone, My name is Alex Sadchikov and I’m excited to discover more about real estate and the Bigger Pockets community.

And insurance is still required.I’m not suggesting this as the go-to strategy, simply trying to better understand.

They really don't have the power or right to place any kind of lien on the property while they simply have it under contract and aren't doing any improvement to the property. 

In a Subject To, it's simply taking over payments.

Unfortunately we have discovered that the guests of a couple of tenants were not being upstanding citizens and got themselves in trouble with the law.  

Not having individual meters is simply unprofessional.

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The biggest issue I observe amongst real estate investors is the inability to articulate the reasons why they should transfer properties or simply own properties from day 1 in an LLC.