You must first of all purchase at least as much as your net sale and second you must use all of the proceeds in the purchase or purchases.This implies that there will be a replacement of the debt but you don't have to. 

CT Corp, etc.Your LLC obligations are to the state of incorporation, not sure if you were implying "double" meetingsHolding vs management is just a matter of semantics.

Zero appreciation markets (appreciation below inflation) implies that the return decreases in real dollars as the property is held.

Landlords are expected to fulfill an implied warranty of habitability. 

There is no monetary value limit on how much you could charge, but California state law implies that you can only charge a “reasonable estimate of the amount that the lateness of the payment will cost the landlord.”For what it’s worth, I charge 5% of the rent for my late fees in California, and courts have typically found that amount to be reasonable. 

Landlords are required by law to provide proper living conditions for their tenants, free from health or safety hazards, often referred to as an "implied warranty of habitability."

I'm worried about the implied lease since they've been there for 15 years and also not sure I want to inherit a tenant... 

I feel that he would be a great real estate sales trainer and I would learn a lot.

This does not imply that it is not a good investment if you can negotiate the right deal. 

The views are entirely my own and are not express or implied views of any governmental agency.