Probate estates may remain open almost indefinitely under certain circumstances.The primary reason that estates remain open, unsettled and not distributed is due to disputes among parties, typically heirs (or beneficiaries under a will).

The notice must include: the name, address and telephone number of the CRA that supplied the consumer report, including a toll-free telephone number for CRAs that maintain files nationwide;a statement that the CRA that supplied the report did not make the decision to take the adverse action and cannot give the specific reasons for it; anda notice of the individual's right to dispute the accuracy or completeness of any information the CRA furnished, and the consumer's right to a free report from the CRA upon request within 60 days.Disclosure of this information is important because some consumer reports contain errors.The adverse action notice must name the CRA that provided the report to the landlord, even if the information came from another CRA.

Ask them about their experience buying/selling entities and litigating disputes (that's what you are protecting against, right?).

Lawsuits take a loooonnnggg time and we have made great strides but still have ways to go to resolution. 

If the tenants claims are untrue or they can't prove that their statements are accurate, then you should also create a paper-trail disputing their claims and asking for them to document and photograph the issues they have encountered. 

So just be aware that it's not like you can pick the resolution strategy now.

A 50/50 split may be fair to you guys.....but I would never be the one putting in the money into a joint LLC.Anytime I'm 100% of the money, I own the LLC 100% myself and just create JVs or profit share deals with any other person I involve.You can certainly form a dual member LLC, or an LLP, but you need very clear operating agreements, corporate resolutions, etc.  

It's better to have everything lined out before than to have any questions or disputes later.

I'm no tax lawyer or CPA, I've just heard of it and it stuck in my mind as a way to keep those profits in the event of a dispute, God Forbid.Another quick note on mobile homes, if you can get a mobile home sellers license that can open up a lot of possibilities.

Andrew Johnson “I use Appfolio out of santa barbara, ca its definitely not free and my property mgmt company passes those costs down to me which I think is around 50-60 bucks a month based on number of units under the service.I am able to see all reports from rent rolls, cash flow statements / trailing 12 month cash flow, tenant ledgers, maintenance requests, dialog between tenants and mgmt staff, resolutions to maintenance requests, move in pictures, move out pictures, or video, and many more features.What I like is that it allows the vendors to be in a dialog/text/chat box so they are prepared (vendor) prior to job assignment with lockbox codes, scope of work and pictures before they even go to the site so we dont waste time figuring things out and run up a huge $$$ bill for lack of efficiency.”