Where are you with the city required Certificate of Compliance process?

A good PM is efficient with solid policies in place that enable them to act quickly and prevent things from getting out of hand.Legal Compliance & Risk Management: A good PM knows the law and protects you by obeying it.

It's crucial to consult with professionals experienced in 1031 exchanges and partnership dissolutions to ensure compliance and optimize tax deferral.Given the complexities, seeking personalized advice from a tax advisor or attorney is highly recommended.

There are also online platforms that will handle managing security deposit compliance, refunds, etc. like rentable.com

@Phil Petite Forming an LLC in Tennessee is recommended if your rental properties are located there, as it simplifies legal compliance, avoids the need to register as a foreign LLC, and aligns the LLC with Tennessee's laws for property management and tenant disputes.

What challenges did you encounter in fund formation, compliance, or deal structuring?

Having a CPA who really understands REI and STRs is key for tax strategy and compliance. 

You’ll need to treat it like a business—handling tenant management, accounting, legal compliance, property maintenance, and more.That said, when done correctly, it’s a powerful tool for building wealth!

The real prohibitive costs come from the legal, compliance, and reporting requirements of registering a security.

The zoning compliance must either be legal, legal non-conforming or locations with no zoning.