Having a knowledgeable real estate lawyer to go over the legalities will save you a lot of time and money in the long run.Basically when once you have the property under contract, you are a principal in the deal.

We are working with a lawyer to draw up paperwork that would phase in percentages of ownership for her over a period of time.However, there's also the question of writing off the interest.

I have serious fears of tying up my reserves in a project and somehow not being able to have them available to blow up my lawyers pockets and somehow giving the ex the upper hand.

Thanks for your help.If you find out later that you have a defective title there is a chance you will sue the lawyer.

Then get a good lawyer so that you are getting advice that matches your situation.

Similar to how deals are closed by escrow agents at title companies in the west and lawyers at the lawyer's office in the east.Your SIL might have a way to work out something with the IRS.

I could get my lawyer to offer a meeting room or we can just find a public venue.John CoreyPS.

See if there is a local REIA in the area and check with investors and lawyers who attend the meetings.

. , also talks about one who does not regularly engage in the business of making or brokering mortgage loans one of our recent REIA's we had a lawyer discussing this, and he kept mentioning how theres alot of gray area, and there has not been any cases where this was brought to court, My undestanding is, if your owner financing the properties, you'd be regularly engaging in the business and could be found guilty. the lawyer wasnt even sure. just dont get caught.

Assuming the 50% rule is true because renters will vacate and some will go ape sh** and I will have to pay a lawyer for services, etc, I can still get a tax write off for that but I wonder if someone can briefly outline the overall tax benefits of owning a rental.I think I am being very cautious because debt exposure is low.