If you need to get paid out of closing, incorporate it into the assignment, or write up a JV

If you only have rental property you should not worry about incorporating as the income should be reported just as it is.

. ;) Anyone in a situation like this get a hold of the Articles of Incorporation, declaration, by laws, read and understand the “Associations” and “BOD (Board of Directors)” powers, rights, “enforcement”, ect.

Steven: As for the tax advantages: I have an LLC, which - correct me if I am wrong, is not incorporated correct?

Is it possible that you are miss using the term operating agreement and you really mean the Articles of Incorporation?

I will check into it tho because we're working on some designs the incorporate personalization.

There is no advantage to incorporating in a different state unless you find paying more fees to be advantageous.

Also, there may be tax advantages with incorporating.

Regardless, it is not something of which a fresh-faced real estate investor would be aware {unless s/he has a background in corporate finance}.

An example being the following in corporate shuffling/protection: Rich Dad, Poor Dad, Bankrupt Dad?