Congratulations @Erik Mazzochi and welcome to the world of multi-family home ownership.   

Thanks in advance.A separate Umbrella per LLC is not necessary unless the ownership % under each LLC is drastically different.  

Originally posted by @Jackson Sandland:@Bryan Devitt The property is in MA.There is zero difference in MA, everything is based off the use and not ownership.

Truthfully, I don’t know if I’d have to assume ownership of the lease or not, I’m just telling you that seeing someone’s else’s tenant in a place I’m hoping to rent out, has generally been a deterrent.I can tell you that the property management companies that I’ve seen generally charge ~10% of monthly rent as their Monthly regular fee, plus about 1 month’s rent to find / place a tenant.

@Jordan Ginder If you went with the partnership, I'd recommend an LLC and splitting up ownership of the LLC however you all see fit.

If you are her son and want to play with $2m, go earn $2m.For mom, go look at things that are actually passive income, which direct ownership of real estate is not.

The lender must verify the ownership of the account and confirm that the account is vested and allows withdrawals regardless of current employment status.

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

A frequent potential issue is when you transfer ownership entities near to the time of sale.  

You can use this site to verify ownership and any liens or mortgages in a property owner's name.