This agreement with your general contractor acts as a roadmap, with clear expectations and protection for all parties involved.One frequent mistake is the failure to include sufficient detail or being too vague.

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

That was before he had switched out of that room to the larger room. 

Switch gears.  

Licensing can be such a maze to navigate, but getting it right is key to protecting your projects and investments.

When tenant's get raises or switch jobs we don't always know.

Consider forming an LLC for liability protection or an S-Corp for tax efficiency if flipping frequently.This post does not create a CPA-Client relationship.

Hey Steven - An LLC is a solid choice for structuring your partnership since it offers liability protection and keeps things clean when splitting ownership and profits.

@Tar-U-Way Bright Using your LLC for real estate ventures offers legal protection and tax benefits.

This gives much better diversification protection across geographies, asset types, strategies, investment subclasses etc. versus putting all the eggs into one basket.The downside is that it's not for everyone, and a person has to be comfortable with turning over control to someone else.