Meanwhile I will legally turn the building into condos.

They also include, vacancies, maintenance, legal, management (whether I hire a property manager or do it myself), etc.If this assumption is incorrect, then please feel free to let me know.Thanks again.

noobdog - I just filed the trade name at my local town hall so it was legal for me to call myself that.If I'm an LLC all I really do is limit my liabilty.

Hence the claim leaves you open to legal action later when a deal goes bad.Best to imply that investors have to be accredited or otherwise screened so that you are being clear that this is not for everyone.John Corey

this is a little late getting to you (date wise)but the auction is a good way to find buyers.Buyers at auctions are cash buyers,and they usually don't get to see the inside (legally) of those properties that they bid on.

Operating expenses also include management (whether you do it or not), maintenance, advertising, vacancy allowance, office supplies, legal fees, evictions, court costs, utilities paid by the owner, lawsuits, fuel for your vehicle (going to and from you rental), damage caused by tenants in excess of the security deposit, etc, etc, etc.

My question is, once I give her written notice to vacate the property at the end of the month and she doesnt leave, can I legally change the locks and lock her out since I dont have any lease aggreement with her?

The legal theory is that the corporation/LLC is a different legal entity than the person who owns it, and thus representing that entity in court is the practice of law.

Legal and Professional (CPA)d.

It is not so much the tax benefit but the legal protection that makes it worthwhile.