That is, they take the arrears, the late fees and any legal fees and they create a 2nd.

Quote from @Ricky Reddin: Hello,This is my first post on the forum and trying to get some guidance on a situation.

The information provided is based on my experience and industry knowledge but should not be considered legal, tax, or financial advice.

Your LLC set up in KS is for legal protection only.

Prospective investors should carefully consider investment objectives, risks, charges and expenses, and should consult with a tax or legal adviser before making any investment decision. 

I’ve been involved in real estate investing for over 30 years, so if you ever have any questions or need guidance, feel free to reach out.

. - For Both Parties: - Use legal agreements to outline roles, responsibilities, and profit-sharing. - Communicate openly and regularly to build trust.

CA is brutal when it comes to taxes.I don't give tax or legal advice, but many people believe that holding the property in your name and having a good umbrella policy is a good solution.

Sometimes tenants bite, sometimes they don’t, but it’s worth a shot.Owner Move-In: If you’re planning to live in one of the units, you might be able to legally take it back.

Also, keep in mind that if you do self manage, you do put yourself at more risk for a legal issues.