And lastly, market risks and mismanaged funds can also create major headaches, especially for those involved in lending groups.

I'm feeling that I am being milked and preparing to get my attorney involved if we don't settle this soon.

Quote from @Garry Lawrence: I need advice on a serious situation involving a property I’m about to buy.

There are a plethora of CT based real estate Invetsor meet ups you should get involved with.

.- Management from the company that was involved in the rehab and knows the property will be managing the property for continuity and accountability.- That management company has vetted possible tenants through their professional screening process and have selected the most qualified tenant for the property.- The management company offers a hands-off approach including coordinating and managing repairs, getting the property rent ready after a move out and placing a tenant from a pool of applicants that may be waiting for a property to be ready.

I would tend to agree with the other CPAs typically.The 500-hour test is one of seven material participation tests used by the IRS to determine if a taxpayer is actively involved in a trade, business, or rental activity. 

Converting your condo into an investment property and transferring it into an LLC is a smart move for liability protection.You’re correct that retitling the property involves Chicago’s transfer tax, which can be substantial.

I think it speaks volumes regarding your care to the situation the heir is involved in.

This allows you to test all the systems and the people involved.  

Lastly more to my point - I thought you worked for a MF syndication in the past that I was not sure but wanted to mention and that you are not just someone coming off the street having never been involved in a deal (unlike a lot of others).