Love to see everyone representing the DE valley!

Originally posted by @Wendell De Guzman: @Bill Gulley , I have acquired 15 performing notes but yes, I don't have any experience with NPNs.

Welcome to BP @Richard Brito - I just moved to Tampa from Delaware about two months ago myself.What were you doing before you decided to transition into REI?

If not, then no.If you're securing deals, it's good to disclose in the addendum or special provisions that you're not acting as an agent in the transaction.Note: I'm speaking from my experience in Texas, Delaware, and Pennsylvania.

Scott,I'm answering this from a consultant/independent contractor point of view since I have not yet invested in real estate, but using legalzoom or nolo is perfectly fine to get the LLC formed, IMHO.The big factors for the LLC you'll need to decide are:- What state to register in (some people choose Delaware or Nevada for favorable business laws)- Who to use as a registered agent (basically the person that collects legal papers)If you plan on simply investing within your state of residence for now, I'd suggest on forming the LLC within that state using Legalzoom or even through the state's secretary website (if available), and then list yourself as the registered agent.

Originally posted by @Wendell De Guzman: @Solomon Oh , Bill did not say that wholesaling is a fraudulent activity.

Tenant will be paying for sewer, water and utilities.Wendell De Guzman : thank you for the spreadsheet calculations.

They would have been an expense-able item for his taxes - so you can see also them if you ask him to verify employment history and income requirements with tax returns.I wouldn't want to take all the money upfront as doing so may well serve to create a de-facto agreement to let him stay no matter what.

The house has been winterized and I cannot de-winterize the property until after closing.

We are stepping into this and would need to assume infrastructure responsibilities to include: water, sewer, gas, electric, waste water management, impact fees and initial paving of public cul de sac.