You could also create a trust but that comes with a little more administrative burden than a will.

One point of contact also reduces confusion and administrative burdens.Comprehensive Risk ManagementA consolidated program allows for a more cohesive approach to risk management.

We've done over 500 urgent care deals and own and maintain what we believe to be the largest and most comprehensive database of urgent cares.  

Is the process administrative, or judicial?

Your 401k administrator will help you set this up and usually you have to make monthly payments. 4) If you default on your 401k loan, the entire balance is distributed to you, then you have to pay taxes and a 10% premature withdrawal penalty.

This can be a pretty significant administrative burden as well.What you will likely want to look at forming is just a multi member LLC, taxed a partnership, with a manager (you) and draw out the terms in an operating agreement.

I did find verbiage but from another jurisdiction "Unavailable for rent means a unit whose owner has filed with the code official a statement signed under penalty of perjury that such unit is not offered or available for rent as a rental unit and that prior to offering or making the unit available as a rental unit, the owner will apply for a Residential Rental Business License and comply with any applicable administrative regulations adopted pursuant to this chapter...."

Also, depending on the area, codes and historic have been a big pain especially since the new city administration has put a much higher % inspection requirements for "cosmetic rehabs".I've been able to turn majority of the units in the last 3 years. 

If you get a loan application like that and they tell you your interest rate or leverage will be based on the answers expect the loan administration to also be robotic which is often adverse to your objective as a borrower. 

They promise to walk you through two flips the first year, get into an LTR the second year, help set up all your systems, and give you access to their databases and network.