The attorney who wrote it and updates it is also advising the state on legislation, so the forms always reflect the latest legislation updates. 

But with NY in general and new legislation I’m not optimistic that things take a turn for the better from the landlord side @Johann Jells

To address these challenges, state legislatures are exploring ways to establish clear guidelines and regulations for real estate wholesalers.State Legislative Initiatives:Licensing Requirements:Some states are considering or have already implemented licensing requirements for real estate wholesalers.

There is new Federal Flood Insurance legislation that goes into effect in 2014.

There have been some pretty large claims in this area....a $32 million dollar verdict in Texas I believe...that have caused most insurance companies to exclude coverage or severely limit cover and I believe some states...at the behest of insurance lobbyists - to restrict liability.Mold is a tough issue to address legislatively as it can be lurking under floorboards and behind drywall in every house in almost every state.

Plus the politics/legislation for rentals has gone beyond ridiculous that I think a lot of smaller property owners will just cash out an TIC the units in the next yr/so while they still can.Ideally I'd like to buy in CA within an hr of the SF - do you have any suggestions on any areas that are worth looking at, and what the returns should be?

Has anyone heard more about the new legislation concerning owner financing.I heard that investors will soon be limited to doing only two owner financed deals per year.

Hi Penny,Read up on your rights here:http://www.ilga.gov/legislation/ilcs/ilcs3.asp?

Of course, this is exactly what people (including attorneys in those countries) said when the "regular" LLC was first introduced in Portugal (1917); Brazil (1919); Chile (1923); France (1925); Turkey (1926); Cuba (1929); Argentina (1932); Uruguay (1933); Mexico (1934); Belgium (1935); Switzerland (1936); Italy ( 1936); Peru (1936); Columbia (1937); Costa Rica (1942); Guatemala (1942); and Honduras (1950).In the last quarter of the nineteenth century, Pennsylvania, Virginia, New Jersey, Michigan and Ohio enacted legislation permitting "limited partnership associations" or "partnership associations" - and again the "boys who cried wolf" started on a predictable path.In 1977, Wyoming became the first American state to enact a true LLC act modeled after the 1892 German GmbH Code and the Panamanian LLC... and the "boys cried wolf" yet again.  

This is not based on any statute or any other legislative process but merely the case of tristate investments (the tax lien holder and plaintiff) vs. cherrystone bay (investors/wholesaler as defendant) and their attempts to buy a property cheap (via the purchase of an older and senior tax lien) that was under tax foreclosure.