(Also, caveat to make sure this is all legal in your state as each is different)One - they are going to move out and leave a ton of stuff behind.

Also, I am not positive it is 'legal' to use one CC to pay off another.  

Signed a contract for a property and need to inspect it. thanks!

When the contract fell through, I recognized the property's potential and stepped in to purchase it directly.

When the contract fell through, I recognized the property's potential and stepped in to purchase it directly.

Is it worth it to have my contracts drawn up, or at least reviewed by a Real Estate Attorney.

This comes with some other ramifications around legal liability and the ability to get a mortgage on the property.The other way to fix this is to create an LLC now, and both you and your MIL contribute the current properties into the LLC, then the LLC 1031 exchanges the old properties into the new property.

But if you both want to own/control the properties it probably makes more sense to have a legal entity.

The biggest challenge, more than handling maintenance, is managing tenant relationships and understanding the legal responsibilities.

The application is not a binding legal document.