From experience, finding a knowledgeable accountant is key for handling taxes effectively, especially when splitting expenses, claiming deductions, and managing depreciation.

Real estate is not my of my knowledge base at all but I want to start working on building passive income now (I’m 44). 

They somehow think that for $197, or $1970, or $19700, they’ve somehow acquired some methodology, strategy, knowledge or “the secret sauce” that will ensure their investing or business success, and that the experienced, knowledgeable, and successful real estate investors who point out the obvious faults “just don’t get it”.  

Look for some of those to go in as an LP (limited partner) and learn and grow your knowledge, skills and investment money so you'll be ready for the next accredited deal. 

@Mario Morales, to echo Bradley, I would say this depends on what you are lacking in your own knowledge base.To some (probably many investors) the agent is simply an initial filter for them.  

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

Happy to connect and knowledge share. 

They’ve taken payments for premiums and not bound the policies, and let the policies lapse without my knowledge.  

Without the tools and knowledge necessary, this was a massive undertaking.

I know there’s a lot to learn, and I’m eager to absorb as much knowledge as possible.I’d love to connect with others in the Lehi/Utah County area (or beyond!)