There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

I think it's great to have it in black and white on a spreadsheet and to have an operating timeline.

Here is what the IRS says on the subject: Election for Husband and Wife Unincorporated Businesses A business owned and operated by the spouses through a limited liability company does not qualify for the election Only businesses that are owned and operated by spouses as co-owners (and not in the name of a state law entity) qualify for the election.

If there is no debt service probably 30% is still going of the rent is still going to operating expenses which means that you only made about 480k or so. 480k rents + 800k property is the same 1.3million roughly.

Originally posted by @Joe Sera:@Christopher Smith when you 721 into the UPREIT you receive Operating Partnership Units (OP Units). 

There are some other operators in the metropolitan areas like LA and NY, such as Tripalink, Common, and Bungalow.

You are responsible for the costs to operate it.

I operated in Baltimore city for less than a year.

But as of today, I am strongly considering converting it into a single-family rental because based on some Zillow comps I’ve seen I could get upwards of $8000.00 per month which is more than double my mortgage, taxes and operating expenses.

But you can get value out of all of them if you work them right.The reality is, for profit or non-profit, all REIAs have costs to cover just to operate.