Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it.

At that time, my friend encouraged me to get into real estate with the idea of creating passive income and wealth in future (via appreciation).

He's absolutely right that using debt to control cash flow is also creating tax free cash for expansion.

Do you guys think there will be regulations that will be created around this that might affect those companies, or worse smaller businesses?

Do my 3 associates need to create a LLC to be able to do these renovations or can any individual do them, as long as proper permits are pulled? 

Advise him in writing that - email AND via US postal system with proof of delivery required that the lease remains in effect as is and that you, again, recommend that he file a claim with the provider of his renter's insurance for any losses he felt were sustained. 

That creates a really nice price / rent ratio which is favorable for investors looking for cash flow.

I'm happy to answer or confirm any tax/accounting questions if you'd like Just to clarify what Steven is telling husband-wife business owners,If you have not created a business entity, you are operating as a partnership (not a sole proprietorship) and should file a partnership tax return.

You make revenue here and there but the goal is to generate enough in the winter to sustain all the expenses for the entire year. 

I am looking to create a value ad to the property.