They pay their bills on time and make good tenants.

Billing is different for most and more than likely, you'll pay a retainer of some sort up front and have a balance due. 

My interest in entity transfers is the ability to forego a massive increase in the tax bill upon reassessment.

I used to live in the city and the taxes and water bills are nightmares.

Quote from @Bill B.: @Daria B. it sounds like you were the seller, you have the credit, and you did a 1031.

Quote from @Bill B.: Shouldn’t be a gain, but your cost basis will remain the same if only insurance money is spent rebuilding it.  

if they think every property on Zillow is a 'deal' then something is wrong.you got great advice and a ton of time invested in responses from @Bill B.as he pointed out - there's basically no cash flow in long term rentals now. anywhere. not even in those supposed ATM mid-west markets. 

Unless you're an idiot, and if you know you're one then stick to something really vanilla like VOO, SCHBB, QQQ, IYY and some T-Bills.

I would send them a bill now, not 30 days from now, outlining the charges, even if they are just estimates.

They also discussed a capital call but instead decided to borrow more money to pay the bills.