Most people don't know how to use a wood burning fireplace correctly - operating the damper, not closing the damper until the fire is completely out, going to sleep with the fire or coals still burning. 

If you are accredited, the best thing to do would be to invest 50k into a syndication and soak up all the knowledge of how it works from an experienced operator before you make the decision whether it's your plan.

It's the lenders who usually require that the property is listed under an entity, depending on the state that they operate on.

In that case you will need to analyze the comps, and keep in mind operating two units on one property can bring other costs and operational issues.2.

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)?

I realize this is an older post, but I just wanted to drop a note and mention that my family and I own and operate a property management company that primarily serves Palm Beach County.

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.

The properties we operate are all in Indiana. 

If you own 25% or more of any LLC you are required to register with a FINCEN ID for beneficial ownership by January 1st or you could be subject to $500 per day fines.Have you taken care of business?

Ask specifically what is needed to comply.