If one of my employees, when I was a manager, messed up, and they did, I didn't even get upset, I would just send them home as "punishment". [ note that I did not dictate their salary at the time, the corporation did. and I felt they obviously needed that little paycheck, and did not get terribly upset for their mistakes ]The point was that the banks, while a payment from a different source might be considered a constructive notice, have put in place systems [ computer / minimum wage worker ] that intentionally ignore it anyway.

There is no asset protection with a JV, so it is recommended the partners be either a corp or LLC2.

The heirs "got a step up in basis in the stock of the corporation, but the corporation did not get a step up in its assets.”

In process of buying an investment from Wholesaler, a Short Sale, have cash with our Corporation, but it is a restricted 401K which cannot do partner & or have loan docs.

But, an LLC is not a corporation.

Government, corporate, private... all kinds of debt has been discounted at various times since before our counrty was created.

I generally would recommend an LLC for rentals and a corporation for a flipping business.Buying a single property in an LLC that you sell after rehabbing may or may not be treated as ordinary business income.

I know these are typically the Corporate owners, but you may find one or two that way...I would guess.

Essentially he has been collecting rent in cash and then not reporting it on his corporate taxes.

As a lender, I may ask for personal guarantees (and corporate resolutions, etc.) from all members of an LLC, but that LLC as owner will not "occupy" the property as a residence.