And what happens when 6 months later that seller is at, say a family reunion and talking to wife's 2nd cousin Fred, the Real Estate Attorney from whatever towns away, and something get's mentioned of it and Fred get's all interested and tells em that's illegal and hes now implicated in a crime and holly-cow hes gotta report this to police NOW and geeks out on seller, so seller starts geeking out thinking "I'm too pretty for prison" and so on and so fourth.... 

I could get a Brentwood CA property and have a cash-cow OR loose shirt off back, all depending on how I acquired it. 

It's always interesting to see what choice(s) were made after viewing the suggestions and then having some time to digest the options! 

Right now i’m sure this rental is a taxable income cow, as it’s fully depreciated.

Directly to your distribution question: you can have one or more per LLC, and that depends on multiple factors:- property class - you might not want to mix A class property with a D class property in the same LLC, due to different tenant level- cash flow - you might want to keep your cash flow cow separate from the ones that barely produce- equity - you might want to keep the one with large equity in its own LLC while you can group the ones with little equity in another LLC (let's say you have one with 50K equity in its own LLC and 3 other each with only 10K in another LLC, till their equity grows to your risk threshold when you move them out in their own LLC).- number of units (in the case of MF)- location of real estateThe investor has to decide what mix is optimal for their situation.4.

The bidding wars on housing in the treasure valley is also very common.I know this is a lot to digest.

Vacation homes take some planning, I personally think shooting for break even profit/loss with a vacation home is a good tax strategy but if it is a cash cow I would gladly just pay the tax as you still come out significantly ahead and if you have one I probably wouldn't bother with a cost seg study unless you are getting extremely high rents.

I was like holy cow.. why no debt so you can make better returns.. they lived through the Japanese crash and once they exited they are VERY conservative with debt. 

Would love some insight on how to add or remove clauses from this thing to make it more digestible and relevant.

A couple turned into cash cows as Lonnie describes in the book.