If you anticipate push back you may be safer using the board form as the board has a practice of using any excuse possible to support tenants.

We will be including that expense in future pro forma’s prior to purchase.

With that I see cap rates bouncing back relatively quickly on stable assets, but I think the days of the value add investment going for crazy high prices based on pro forma alone, is gone for a while.

Mr Fred,The most important thing to get out of this discussion is that you form a business entity ASAP.

In it's simplest form a note is just a promise to pay.  

@Jennifer GriffinI don't have a good answer for you but I'm pretty sure you would need to form a small homeowners association since the units might share common roof and siding etc.This legal work might (and likely will) cost a fortune for such a small development.

Or if you need help to form a plan, im happy to do this also.London is a safer investment, and Dubai has the potential for more upswing, but is more risky.

I live in Maryland, however, want to form a Nevada or Wyoming LLC. 

Using him to form a single member LLC seemed going to the Dealer to get routine car maintenance done.

I think the risk in this model.. is exactly what happened to my 80 YO mother.. she gets a letter form a company in CA.. informing her of tax overages in a county.Well we had subdivisions in 4 CA counties so we narrowed that down..