This may not seem important now but I’ve had two partnerships turn sour and if we’d have had an exit strategy on either it would have saved tens of thousands of dollars on legal fees and court costs.

Over 4k in damages, utilities, past due rent, court fees, tons of trash, holes in walls, pee everywhere, etc. 

If you no longer have business operations in the old state, forming a new LLC in the new state and dissolving the old one may simplify compliance and tax obligations.Some states impose franchise taxes and annual fees that could make one option more cost-effective than the other.

If rent is due on the 1st and late by the 5th, apply the late fee on the 6th and serve a 3-day notice immediately.

It's much easier to unwind a fee for service relationship than it is a partnership.  

To add value to the property, we undertook extensive renovations including the removal of over 40 yards of trash, installation of a new septic system and wall-hung boiler, and a new well pump.

Check out Norada Capital with a simple no fees structure and 12-15% annual yield depending on how much you invest.  

Also these things cost money to sell - agent fees (5-6%), whatever your buyer is going to ask for at closing or try to hit you at during inspections (likely several thousand) plus taxes.

The fixed expenses include Principal, Interest, Taxes, Insurance, and Association fees if in an HOA.2.

When it comes to getting loans, which is pretty important for real estate investors, simple "mistakes" can make it so that you either don't qualify or you may qualify but with a higher interest rate or higher loan fees.