It is advisable to do your due diligence and ask about such things as how long have they been in business, are alternative assets their sole focus, are they BBB accredited and rated, are they a regulated financial institution, have they ever been sanctioned by any regulatory bodies, how many accounts and how much in assets do they administer?

They sent me the actual paperback books to read, and the tests were administered online.  

It seems, that if NY makes it that difficult to form and administer an LLC, why not just operate as a sole proprietorship using a DBA, which even in NY shouldn't be that difficult to acquire.My guess is that you are wholesaling, so Curt is spot on...there is no need for an LLC.  

That way the government won't be inefficiently administering the program.

My leases very clearly state at the top what the owner pays and what the tenants pay.Generally speaking it sounds like the landlord needs to put utilities in their name and administer any split.  

Under the various proposals, the rebates would total $10 million to $50 million, plus the cost of administering the program, which would likely be outsourced.But the city can't just reduce its contribution to the pensions and rebate that money.

You should have absolute trust that they will administer those accounts under the rules that you establish.

solo 401k is much better for real estate transactions, and you don't need a costodian which keeps your cost to administer down, good luck

Are they a regulated financial institution and how much in assets do they administer?  

But, that didn't uncover their personality for keeping your property in a livable condition for the next tenant.I am unsure if you were making bi-yearly inspection, as that would have certainly raised the red flag that something is amiss.I am sure this expensive lesson will make you think of improvements in your checklist for administering future tenants.Good luck with your future REI activities.