@Blake Dials While it's not legally required to set up a separate bank account for a rental property held under your personal name, it is highly recommended for tax and financial organization purposes.

We're talking about contracts, financial statements, and more.

I cannot give tax or legal advice, but this is based on my understanding (recently dealt with an inherited property).

We are under contract to sell it and supposed to close last week but the city will only issue a 2 DU cert because they "have no record of permits to convert the storefront into a residential coach house"We did a FOIA on the water records which came back with nothing, we are still waiting for the FOIA on the permit records but don't think it will give us anything because we talked to the seller from 1986 and he said the coach house was a storefront when they sold it. 

Compared to the US, the financing is different (if you need any), the legal system is different (you need to vet the parties), pre-construction works differently (if that's what you want to buy), the buyer/seller psychology is different, ...It's important that you get the needed knowledge or work with people who have it and have their interests aligned with yours.I have replied to hundreds of posts about investing in Mexico over the years so you might find some what you look for there.

Key Principles:Mindset and Goals:Think Long-Term: Real estate is a long term play in most cases Set Clear Goals: Define your financial goals and how real estate fits into your overall plan.Finding the Right Property:Location, Location, Location: Invest in areas with strong economic fundamentals, good schools, and low crime rates.Cash Flow is King: Look for properties that generate positive cash flow (rental income exceeds expenses).Consider Appreciation: While cash flow is primary, also consider properties in areas with potential for long-term appreciation.Financing:Get Pre-Approved: Get pre-approved for a mortgage before you start looking at properties.Leverage Wisely: Use leverage (debt) to your advantage, but don't overextend yourself.Consider Creative Financing: Explore options like seller financing or partnerships.Building Your Team:Real Estate Agent: Find an experienced agent who specializes in investment properties.Property Manager: Consider hiring a property manager to handle day-to-day operations.Accountant: An accountant can help you with tax planning and financial management.Attorney: Consult an attorney for legal advice and contract reviews.Managing Your Investment:Maintain the Property: Keep your property in good condition to attract and retain quality tenants.Screen Tenants Carefully: Conduct thorough background checks on potential tenants.Review Your Finances Regularly: Track your income and expenses and make adjustments as needed.Example Action Steps:Set Your Goals: Define your financial goals and how real estate will help you achieve them.Educate Yourself: Read books and articles about real estate investing.

It’s possible your multi-beneficiary plan might not be legal.

The stamping architect is taking legal responsibility for the work (just like a local partner for an "out-of-state" design firm), and most architects charge handsomely to review and stamp plans.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

Of course, we all have standards that are legal.