Hi Shyam Sridharan I would recommend to get a contractor to make all the changes.

This means an LLC with an operating agreement specifying the IRS regulations regarding prohibited transactions, disqualified individuals, and others.

Being a broker in Western Washington and an investor in Tacoma, I completely understand the challenge of getting started in this market.

Property will be held in LLC.

Not yet decided on the zip codes, are there any we should absolutely avoid or not look at all?

myself I think its excellent far better than going out of country or some smaller city that you need multiple flights to get to.. 

We now are looking to create an LLC and setup the necessary legal documents to protect both parties and layout the terms of the agreement.

@Jonathan Small For Partner 1 ($72K W-2 income, 2 rentals in an LLC), hiring a CPA is advisable due to the complexities of managing rental property deductions, depreciation schedules, and LLC compliance.

I have a main company, that owns a bunch of LLCs, each LLC holds a single real estate asset. 1 of the LLC also acts as a management company for the entire portfolio.Now it creates a problems that with each LLC, I need to file a tax return each year. and so far I am doing them by excel copying numbers from bank statement, which is a nightmare.Quickbook online charges $24 each month in Canada, which really adds up with the number of holding LLCs. and I don't feel like what I require from it justify the cost.

I never could get a foothold into the NY wholesaling community because of the Atty involvement in contracts.