This formalizes the relationship and segregates the rental income from my personal income.Banking and Accounting:Separate Accounts: Open a separate bank account for the LLC.

The last policy they implemented before we cut ties with them was they started asking for a formal estimate for EVERY repair. 

Probably the most important thing in your scenario is that only documents that are approved in formal minutes and are published to the members are enforceable. 

@Sunny Karen- thanks ...nice sounding plan ....if you havent already done so - make sure to get yourselves  formally pre approved  with a lender  using a hypothetical  scenario ... depending on the loan amt needed ( if any) - make sure the lender you talk to can handle the amount . 

You're being asked to pay $3000 to learn lending from a man that has zero formal credit background, lost his professional license in AZ, and who didn't even get into real estate until 2011...so he's never been through a downturn.

(title transfers but the loan stays in place and is not formally transfered to you via an assumption).

If she puts up a fuss about where she will live, tell her she can shack up with one of her drunk friends.If she doesn't want to leave, then hit her with a formal notice of termination and start that process.

To be done correctly, it needs to be done with a lawyer to show a formal transaction occurred between you (and your SSN) and the LLC (and the LLC EIN). 

But they require following a lot of corporate formalities, and funding the LLC with $50,000. $800 a year in franchise tax fees is my no means sufficient to buy liability protection from a determined litigant.4) Would you hire an environmental testing company to test the land (to which you have no legal access - but I doubt the dead guy would call the cops on you) once the foreclosure process has progressed well enough, but before it's conclusion, so that you tell the lawyer to stop foreclosure in case some major contamination is discovered?

I am familiar with the meet ups happening in the area (and eager to join those) but am looking for something more personal, formal and consistent (bi-weekly?).