THEN find a really good deal (its important to find a real deal) and then you've laid the framework to bring it to them.Excitedly go to them and be like "Oh my gosh look at this awesome deal!

I'm trying to understand what would be the tax framework in this situation. 1) Would we first have to file Form 1065/Schedule K-1 of our own for LLC-X with the IRS by March 15?

We went on to calculate some rudimentary numbers, tax savings with bonus depreciation against his high tax bracket W2...built out a really good framework that covered approx 80% of his mortgage - on a very expensive property - and saved him some money on taxes. 

Rather, they’re laying out a framework for asset protection and not the alleviation of a worst-case scenario lawsuit.

I think I have the general framework of wholesaling down, and I’m willing to start driving for dollars in the areas I marked that might be profitable, but are there any legal steps I should take first before I do this?

Geoff outlined the framework that will allow you to calculate your NOI.  

That said, this basic framework should be viewed as a starting point and does not purport to account for unique factors and circumstances that may exist in certain cases.

Find out who is the "person to know" operating in the property manger's business framework, and tell them you're a local agent who works with investors and are trying to source a good local property manager.Chat them up about the rental market, the real estate, themselves, etc.

"We had a signed letter of intent"Most LOI's I see discuss a framework to solidify a deal but unless stated otherwise are NON-BINDING until a final binding agreement is signed.If people knew how many times people with a bunch of money failed at things they would see this type of stuff (bankrupting companies) is common.Why would this guy add 15 million of his own cash to a defunct company that is sued and has assets of only 5 million to satisfy a judgement??

I have no intentions/interest of working outside of the legal framework.