From the onset, our investor has stated that she wants to get "more involved" in our business.

For your business, do you focus solely on setting up 401ks for real estate or also for other business types?

@Aidan Swienton, congratulations on setting your goal and starting to work towards it. 

. - request documents from the current landlord to find out more about the tenants i.e. the original rental application, proof of rent payment, copy of current and past leases, etc.Other suggestions for investors:- set expectations with tenants at the onset regarding annual rent increases.

And, the money I would spend on setting up LLC's could be better spent right now on direct mail or my rehab budget.  

In fact I would go to irs dot gov and order the workbook and tax forms to begin getting familiar with what is allowed.Oh, yeah, definitely plan on using a CPA to do your taxes from now on.

I too am new here although not the youngster Bill apparently is and I too did a stint at Boston University although the result was not quite so stellar but that was over three decades ago and I've learned a lot since then.I am thrilled to have found this forum as I begin to develop my Investor muscle.

I was offered existing properties by a friend in Muscle Shoals, AL in A neighborhoods.

I do plan on setting up an LLC structure in the near future. 

Another disadvantage of LLC's is how it impacts any existing financing, since the transfer could trigger the due on sale clause.Unless/until your net worth is a few million, I would hold off on setting up any LCC's.