Not ready to pull this trigger, but are we legally obligated to find a tenant or can we just tell them the offer has expired and that we are no longer seaking a tenant. 

@John ClarkAn LLC does not necessarily need to be actively conducting business in its registered state for liability protection to apply, but it must be properly maintained, compliant with state laws, and treated as a separate legal entity.

Legal Mistakes Can Lead to Lawsuits or Tenant ClaimsTexas has landlord-tenant laws on security deposits, repairs, evictions, and fair housing compliance.If you mishandle security deposits, maintenance requests, or notices, your friend could get sued or be forced to compensate tenants.Evictions require proper legal procedures.

There is an added risk layer if your basement unit is not legal and you know about it.

Also, make sure to record every transaction clearly to avoid any issues with the IRS or legal matters.Hope this helps!

These kinda go hand in hand.If you are close to your property, 100% manage it yourself.

This isn't something I've been able to keep up with personally, so I hire property managers who rely on legal counsel to keep up with it.

Amortizations were all done in the little book that title companies handed out.. rates went from 6% as noted to 24% .. 

HOWEVER, HOW the double closing is setup could change "legal vs illegal" in certain states. 

For those, each has its own LLC because I need to segregate investors in different properties (in other words, the ownership is different so the entity has to be different) and because our lenders for those size deals require single purpose entities.But if I formed a separate LLC for each of the 700+ properties that I’ve purchased in my career (all of the houses and small multi), I’d need a full-time legal team just to handle entity administration.