You have to protect your assets and your family.Yes to all over 18 years old.

You do not need to have it under an LLC to take depreciation, the LLC's purpose is to protect your personal assets should you get sued.  

Include a buyout clause allowing you to transition to sole ownership after two years, based on a pre-determined valuation formula or market value.Use an LLC to hold the property for liability protection and pass-through taxation, ensuring both partners benefit from depreciation to offset rental income.

So, if there are too many already going after the master minds, maybe it's worth it to go after some of the smaller players?

Submitting real offers that you feel confident actually closing on and having a strong sponsor to work with that has a track record will go much further towards you winning deals.In short, you can pursue larger deals right out of the gate if you want to, but generally expect that it'll take you longer to win one and make sure you have the right players on your team so that you're prepared to win them and to close them once you do.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

So your saying select No Damage Protection and just submit an extra charge when it's warranted? 

Also, take time to understand Arizona landlord-tenant laws to stay compliant and protect your investment.

Always protect your downside.Until next time.

I got her money back of course, I learned that being the nice guy (which I am known for) has to protect their clients interest at all costs and you have to really use your head and figure out how to get it done while staying the nice guy.