Work to learn, not to earn:There are concepts that have truly life-altering effects.

But for asset protection  if you were to get sued in a single member the opposing side will name you personally as an alter ego.. type thing.. so don't get stuck on that.. just get good insurance to protect you that is what you really want.. so your insurance company can pay for lawyer and beat down the Plantiff by making the cost of litigation so high that plantiff gives up.

Here are some of the major things you'll need:-Money (Equity) or the ability to raise it as a sponsor-Debt-Proper deal flow with buy-side contracts structured to minimize entitlement risk-Civil engineers familiar with the locale you'll be developing in-Architects for vertical construction if you do this piece-Financial modeling skills-Quality builders with good reputations (this one is KEY) and properly structured contracts with them-Quality brokers to exit the projects with input into what will sellThis really translates to:-Capital and access to capital-A track record to secure loans-The ability to execute with professional resources-The ability to source, underwrite, and exit projectsThere are hundreds of other details as well, but those are the major things you need.  

. :-) Fair response...I know you know...but I'm also sure you know, some (Not you) take such a literal translation of the root etymological definition of a word and run with it.

You could be sitting on it for 60 days and have a 30 days escrow and easily be at the 2 year mark before that 25% IRR actually translates to cash.  

Those vary Considerably from state to state (same with Homestead taxes in places like Texas) and they can really alter the monthly/yearly amount.

For example, $900 rent and $450 has been paid by the Housing Authority (received late on the 6th); but the tenant still has not paid their $450 portion. 10-Day Notice to Pay or Vacate has been served as of today, so we plan to file for eviction on the 20th if still not paid, but wanted to make sure that getting partial payment from the Housing Authority does not alter the handling.Also, how are late Housing Authority payments best handled?

I don't know that I would have picked up on that, thanks for the altering view as I'm learning more about mid MFRs. is it possible these transactions follow that market's cycle?

One clause that you definitely want to include, in the Promissory Note, is in the event of the Seller's Death or other life altering circumstances, the individual or entity that assumes the Promissory Note cannot call the Promissory Note due and must abide, by the terms and conditions specified in the Promissory Note.

I was texting the tenant as they dont speak english and using google translate and a friend to help me through the language barrier.