Without that you can be sued personally for any issue within it on your str.Its much harder for people to pierce the corporate vail and sue you personally if your property is owned and managed in a LLC .Financing is one of the only drawbacks as it is a commercial process and banks usually like to see 3 years of a decent tax return.We have 19 properties and all are in an LLC and in fact we only hold 2-4 properties in each LLC (all are owned by one parent company and done in one flow through parent company)to even further shield the liability that may/can occur on a property.There is no doubt you are exposed to higher risk on many fronts if an investment property is held personally.

This means that you will probably need to pay registration and filing fees in at least 2 states if you don’t buy CA property as a CA resident.Any lawsuits should be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced, some debate as to SMLLC).

Based on the information you provided, it would seem like you have no contractural obligations with the seller, and hence no recourse with the seller. 

You can always convert it to an S corporation if the income / cost / benefits make sense to do so. 

Monthly Rent + Monthly Debt Payments <= GROSS Monthly Income * 45%This accounts for some people who have outsized obligations such as car payments, child support, credit cards, student loans etc.

I have a cash flowing MF portfolio (about 80 units) and I will be leaving my corporate job soon to 1) be a better Mom to my kids and 2) focus on growing my RE portfolio.  

Thanks for the notice.Exemption Conditions for Single-Family Homes and CondominiumsSingle-family homes and condominiums are only exempt from AB 1482 if BOTH of the following conditions apply:The property is not owned by one of the following: a real estate trust, a corporation, or an LLC with at least one corporate member.

My concern is, even though I am obligated to honor his lease until the end of June (estimated closing is June 15th), I don't know anything about him beyond his name.

I have 30+ years of corporate finance experience; FP&A, Supply Chain Finance, new business ventures, tech infrastructure investments, and entertainment.

If not, we’ll need to have one ordered for you.Entity Documents (NEEDED FOR PREAPPROVAL):LLC/LLP i.Copy of Articles of Formation/Incorporation ii.Copy of fully executed Operating Agreement/Partnership Agreement (all pages & amendments) iii.Certificate of Foreign Qualification (if applicable) Corporation i.Copy of Articles of Formation/Incorporation ii.Copy of fully executed Corporate Resolution designating authorized signer(s) for the Corporation iii.Copy of fully executed Corporate Bylaws iv.Copy of stock certification v.Certificate of Foreign Qualification (if applicable)Identification (NEEDED FOR PREAPPROVAL): Copy Driver’s License or Passport for each Guarantor.Rent Roll (NEEDED FOR PREAPPROVAL): We’ll need to get an understanding of the current cash flow of the property.