So far it's worked out well (except for the one guy who didn't say a word and then left me 2 stars because he was upset my studio cabin was "all one room"!!!).  

Each partner has a percentage interest according to how much money they have put in and all partners are sharing in both any potential upside or downside.And then say a few years down the road a partner wants out of the partnership and another partner has the option to buy that partner out. 

I would say as a client it has very little practical implications under which umbrella an agent operates; the key issue is to work with someone who understand what you are looking to do, preferably has done it themselves and can advise you.

Also how would this work for lets say a pool of notes.

Originally posted by "gainesvillej":As long as you are buying the houses for far less than what they are worth....it's always a good time.This is basically what I was going to say. As

They will say "as is", and if its obvious the furnace has been ripped out or there is a big hole in the back wall (seen both), they aren't going to give you any adjustment.

I've attempted to calculate this, but every time I try the numbers to me don't look that favorable so am I omitting some major up sides to investing such as tax breaks or does it take many many years to own say a ferrari if you're doing this single no kids..?

I actually filed a partition suit (or forced sale) in Jan 08, and we just had the motion to compel hearing May 2, at which the judge refused to hear anything both attorneys had to say as he wanted to go on vacation and had another 'big case'.

If for some reason one of these tenants sued us, he could lose everything if say a 4 million dollar judgement was made.Is there a way to titl a house in an LLC anme, but be personally responsable for the note??

Lets say a property is listed for $500k and it can be had for $450k.