Otherwise, it’s treated as a partnership requiring Form 1065.Get an EIN (Employer Identification Number) from the IRS (free) for tax and banking purposes.Separate personal and business finances by opening an LLC bank account and keeping rental income/expenses distinct.Consider an operating agreement, even if not required by state law, to define ownership and responsibilities.Liability protection: An LLC helps shield personal assets, but you may still need landlord insurance and an umbrella policy to cover lawsuits and unexpected claims.Tax strategy: Rental income typically passes through to your personal return (Schedule E).

Check out FilePlace, where user-created forms are available for free.

The property feels like you are in the jungle yet is on a paved road with high speed fiber optic internet and within walking distance of great restaurants that are owned and operated by entrepreneurs from around the world.

In very broken English:"No necessito, US has free food!

Feel free to reach out with any questions you may have or if you would like to see some past work.

We also got them to have it professionally cleaned, ducts cleaned, they threw in some furniture for free, paid a lot of the closing costs that buyer usually pays, paid most recent mill levy instead of prior years taxes, paid my 2.8% commission, etc. because it is a buyers market and that's what you can negotiate in a buyer's market. 

It was free so worse came to worse I would break even How did you find this deal and how did you negotiate it?

They offer a free phone consultation.

I guess it’s like free advertising.  

It's not good to burn bridges in this business, and we agents do a lot of free work that we never get paid for.