Taking over inherited property of my family and I need to make sure the paperwork is correct so I can have proper control to gain access to the equity for future deals. 

It was during this 5 year period that I gained most of my development knowledge as I was basically structuring deals and doing much of the administrative work to get them off the ground.

I spent a great portion of my life in school and as such lost out on a lot of financial/investment opportunities since I was in school or in low paying jobs in order to gain experience.  

So I had some capital gains plus depreciation recapture.  

As I was reading the forums, I gained so much knowledge and yet totally overwhelmed.

As he mentioned, any additional take home pay will limit his ability to claim real estate losses he already has coming so that would offset part of the investment benefits. 

Hi BP, I am trying to structure my first L/O deal on a duplex I want to gain control of to rent out.

My worry is that is I commingle the banking activities and the 2 rentals I have in my name with the LLC I have potentially negated the benefit of creating the LLC if/when I am sued down the road.I think this must be something others have come across and I would really appreciate suggestions on making this a bit simpler.  

I would like to continue investing so I'm here to gain the knowledge I need to make good deals. 

You could potentially be liable as an individual, without the protection of a corporation/LLC, and without the benefit of insurance coverage.