As I got older and accumulated more I scaled back on RE due to the work and liability. 

@Kyle Kulhanek To retitle your Chicago condo into an LLC for liability protection, start by forming the LLC with a clear operating agreement outlining ownership and responsibilities.

Hi all, My relative wants to combine their $500K personal exemption & a 1031 exchange to liquidate their rental properties without paying taxes, but they are worried about missing the180-day time limits for the 1031 exchange, so they want to involve their son-in-law (SIL).

Additionally, strong tax planning is essential, as your W2 income limits your ability to deduct passive losses.

I think there are liability issues with putting some kind of booze out.

Quote from @Jai Windish: Hey everyone,I am from Illinois and actually closer to Peoria than Champaign, but choices were limited.

In addition to taking 6-9 months to close, they are also subject to (i) annual audits, (ii) annual REAC property inspections, (iii) recurring annual MIP payments on top of your interest rate, (iv) large initial deposits to the replacement reserve, (v) commercial space limitations to 15-20% EGI / 25% NRA, and (vi) less forgiving underwriting with 7.00% minimum vacancy rates when determining our underwritten NOI.

My experience currently involves but is not limited to; breach of contract, embezzlement, coercion to include extortion and blackmail, and bribery from both lender and two NEW WESTERN agents.

The fact of the matter is, when you sell or buy a business, you are entering into a business partnership with the person on the other end of the transaction.Yes, the partnership is limited (partial buyouts aside), but what you will be accomplishing during your time together is significant.Due diligence can take months.

A Lot of turnkeys are going to these undesirable spots and its highly possible you'll end up with more liability with turnover rehab requirements.