Sure there is a very small chance that something will go wrong, but with the tightening rental laws spending a little on a proper lease is smart.

As someone who lives in Dallas proper, and gets good natured annoyed when some one who lives in Plano says they live in "Dallas" they places you mentioned would make folks who live in Prosper blush (40 miles from Dallas) blush.

While all the posts have at lease some legitimate points, I personally believe camp 1 is missing the opportunities present to protect assets under US law mostly because they don’t either understand asset protection, or don’t want to bother with it, so rather than do a proper evaluation they dismiss it as something that won’t work to justify their unwillingness to entertain the idea.Camp 2 is deluding themselves - which delusion has been enhanced by charlatans writing books, giving seminars, and selling packaged plans all of which either attempt to hide your assets or hide the ownership of your assets.  

Have them on standby to step in and get the process going to rent it properly.

I recommend learning a bit on how to read the financials, but find yourself a great Accountant to help you analyze the financials and tax returns to make sure things make sense and are proper. 

And I don’t know whether I’m up or down to be able to report properly... lol.PS it does appear there is a trend that many are turning into what is called a Bitcoin maximalist, meaning Bitcoin is the big dog crypto and all or most of your investment in the space should be in Bitcoin.

All their clients tried to blame us for not being able to:1) Do the rehabs on the budget advertised2) Get the rents they were promisedCheck out our website and DM us if you'd like more info or discuss the proper way to invest in Detroit:)

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Confirm with your CPA that any excess loss was reviewed for NOL calculation and properly carried forward.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊