If mixed in with your deposits and reserve funds, you may accidentally spend money you shouldn't have.

The money partner will provide the money for the down payment, the repairs, the reserves in the account and the $5,000 that goes to me which is a part of my 50% of the profits.2.

.- If you chose to set up your LLC as a pass-thru entity, then you will need to supply your SSN.FYI - to avoid getting nasty letters from the IRS about errors (which might cause us to be audited), we will ask for a copy of your EIN assignment letter or a copy of your SSN card to confirm those numbers.

I should also mention we shut off the breaker (to the garage) after confirmation from two electricians and our contractor that we had a serious fire risk.   

However, if you clearly communicated a $15K budget, I’d stick to that and ask them to discuss the overages with the contractor to find a resolution.As a side note, always try to maintain reserves for your properties.

Can anyone confirm?  

The sale evidently resulted in Quest’s owners getting zippo (hearsay, working to confirm that). 

As a new owner, you should confirm if you can raise the pricing on the rent, and do that accordingly to the laws.

If you plan to expand your portfolio, forming an LLC can simplify liability protection and operations for multiple properties.Consult a CPA or legal professional to confirm your tax obligations and evaluate whether an LLC or umbrella insurance aligns best with your investment goals and risk tolerance.This post does not create a CPA-Client relationship.

@Audrey Sommer you have some good comments above (and some funny ones too) but just to confirm, what you were told is not accurate.