We operate in the DFW, San Antonio, and Houston markets, helping investors grow their portfolios with turnkey LTR properties.

If you would really like to explore the sector : why not go and message 10 to 20 operators and offer to look after their property or clean their property for a month in exchange for their knowledge and details on the numbers.

Why not take his name off the LLC and put it in your name now while the LLC has $0 of value (or whatever nominal amount your articles of organization or operating agreement say that you contributed)?

Helped my clients partner up and close on the property, then signed a net lease with a SL operator.

Im a medium sized operator - 46 units- and my typical deal has an ARV from 200 to 230 when its finished.

I’m a long term rental guy, so make less than an Airbnb type operation on cash-flow .  

Hi Ricky,Being in operation for 10 years with mid seven figures of assets and NNN leases,it would be wise to speak with your tax advisor regarding if the tax set up should be an LLC, an S-Corp  or a C-Corp.It would also be wise to speak with an asset protection attorney to find out if this is something that might be beneficial to you in that area.

You could form an LLC and have the operating agreement that allows your boss to require you to purchase his membership interest (or allow you to purchase his) in a given time frame.

If you are going to pay for mentorship, find an experienced operator in your market or better yet, offer to invest in the experienced operators projects and get an inside look at their process and systems.

Assuming a 40% expense ratio, the net operating income at the current income level would be around $19,440 annually and $28,800 after renovations.At a $360,000 asking price, the cap rate based on current NOI would be 5.4%, which is low for a park with park-owned homes and required renovations.