Your LLC that did the rehab, I would assume, had a sole capacity of "contractor" and had no ownership position in the subject property.

With the exception of getting paid a percentage of the profit, he sounds like he's going to be playing the role of construction manager (or "paper contractor") for the time being.I think this is a good first-step to bringing on someone in a larger capacity, as the construction manager role is probably the important on the list of requirements for the role you're looking to fill.Just another thought on the payments -- many paper contractors will get paid a fixed fee per project, with a maximum rehab budget.

You might think that just comes from working harder longer, but not so much as smarter.I'm afraid this is getting way to long, but it will tie together....You must set up your business that is appropriate for your skills, financing capacity, the population served, the market for your product and be able to compete against the alternative opportunities your customer base may have.

I'd say you certainly do, at some point and the earlier the better IMO.The purpose of disclosure is to inform the public of your professional expertise, looking at the definition of market value, as you know, when the buyer and seller having similar or equal knowledge, (the capacity to negotiate being somewhat equal).

Unless you have specific instructions to do or not to do something you are obligated to act in your capacity.

Before getting into commercial real estate I was in the restaurant business for over a decade in every capacity from hourly person, to assistant manager, to store manager, to restaurant owner.Hope it helps.

He is not on lease in any capacity, but I can imagine he will be telling his daughter to be constantly calling.

Smaller markets that just don't have the capacity to absorb the hundreds of millions of dollars the funds are throwing around.

Other assets included in the computation of net worth may be valued at fair market value.Each natural person specified above, by reason of his or herbusiness or financial experience, or the business or financialexperience of his or her professional adviser, who is unaffiliatedwith and who is not compensated, directly or indirectly, by theissuer or any affiliate or selling agent of the issuer, can bereasonably assumed to have the capacity to protect his or herinterests in connection with the transaction.The amount of the investment of each natural person shall notexceed 10 percent of the net worth, as determined by thissubdivision, of that natural person.

Get it occupied with a tenant and then once you've proven your concept and capacity to execute your plan, you are ready to talk to banks about what you are doing and how you want to scale it.Go to www.memphisinvest.com and give them your name and email address and you will get access to Chris Clothier's "How to prepare a bank book" video that will set you up for success when you walk in the door head and shoulders above others looking to do business with banks.