When there is a change in ownership of residential property there are procedures to follow.

The basic procedure seems to be: 1.

Thank you all SO Much for any advice as I have heard various opinions from local friends and I find the IRS examples/procedures difficult to follow and understand.

Run your business like a business and set policies and procedures that allow you to grow and prosper.

We can easily do that by using forms that have passed legal muster and by following the proper procedure for serving notice.

Anyone recommend a site, youtube channel, etc. that will take me through construction and rehab common procedures, costs, order of processes etc.Appreciate any help.

(I haven't looked but I'll bet other states have similar procedures.)

We tell them this will happen when they sign the lease and have them read & sign, a Schedule to the lease which spells out the procedure to add/remove/substitute a signatory to the lease.

The following is required of grantor: A) Review the Articles of Organization and amendments thereto, if any, to verify who may sign for the company as well as procedures to authorize such signatory.

I would also be expecting a ton of lead paint and asbestos in the property which can significantly increase renovation costs due to proper abatement procedures needing to be followed.