The most important is having a CPA understanding the tax laws on where you are a resident of.That will have the most implications.

While you may get a 199A deduction, you are paying a high tax rate.If we are talking about REIT's listed on an exchange, there are additional overhead costs as you mentioned - You have to get audited financial statements and also comply with certain SEC laws.

Hi Dina,Buying your in-laws' home is a smart way to prevent a reverse mortgage and provide support for their care.

. - Expertise in local laws and rules: Investing in real estate is hyper localized not only for value and potential but in rules and regulations.

You might also consider holding back some of the sale proceeds in escrow until the seller has moved out as agreed.Make sure your insurance covers any work being done while the property is occupied, and check local tenant/landlord laws to avoid any issues.

The reason I say local, because they probably understand your state laws with regard to postings, late rents, how many days grace, eviction laws etc...

However, you should ensure that the contract language allows for such changes without requiring a full contract re-signing.Consulting with an attorney familiar with Florida real estate and property management law is advisable to ensure compliance and avoid any potential legal issues when making these adjustments.Let me know if you need help with any other aspects of this process!

@Tejas ParuthooliI can answer your question by telling you a story at what points in my life I was developing the software and I asked my attorney if he could write terms of use his response was brilliant he said the best terms of use policy is that microsoft.com they have the largest law firm in the world at that point it was simply copy and paste.I can understand paying an attorney to drop your first LLC but after your first one it's copy and paste.With single family properties you could probably just have one LLC with your umbrella insurance.

Ask an accounting advisor if theirs any benefits to one or the other, but I haven't found anything significant beyond if theres a lawsuit, the LLC's state laws can be involved. 

If there's something in the book you really want to learn, you will need to practice it over and over again until it sticks.