And than #2, go get informed on how to correctly operate and manage a portfolio.

My only backup plan if I can't get verified funds is to assume the worst and to drop my counter offer even lower than my original due to the risk I would be taking on, and then when I do my in person inspection try and guess what rents are fair market for the empty units, and ask as many tenants as I can what they pay in rents monthly.Seller should give you all of his bank statements for the time he owned it, plus the operating financial documents (including rent rolls)that he received when he bought.Then find an apartment broker in the area and find out about rents in the building and in the immediate area.

Hi All, I am a new member from the Bay area, Ca looking to invest and operate an Short term rental (STR)I am listening to the Avery Carl's audiobook. 

To operate in the city of Las Vegas, this requires a business license.

Some states also require an annual license fee to own and operate an LLC so that could also cause a potential for increased costs there as well.I would consult with a real estate attorney to see if an LLC makes sense from a legal standpoint and advise your accountant as to your decision so the appropriate tax filings can be made. 

How did you make an Operating Agreement or did you decide to call on an attorney?

However, I'm not sure how robust our operating agreement is. 

Expenses (both transactionally as well as operationally)  disproportionately impact lower priced assets.

I'd make sure to review your operating agreement to ensure compliance with the legal statutes of your specific LLC and partner buyouts.Happy to help you work through any of these situations.

Thanks to zoom, many musicians are teaching lessons online so they have a wider audience and can operate from anywhere.