I'd be dang sure the PM doesn't give back any deposit until everything is sorted out.

Subcontractor files a lein on property for non-payment of contractor invoice.

So, whether or not you have an LLC is irrelevant for the tax questions.In either case, you'll need a partnership return, then each of the partners will move their parts of the profits or losses to their personal returns.IIRC, CA charges an $800/year franchise fee for LLCs.I'd be DANG SURE I had a detailed, written document describing how the partnership would work before I did any deal with partners.

Do I send the buyer directly to the seller with the 220K price and write up a lien invoice and get paid as a lien holder?

Make sure you prove by maid service invoice and/or pictures what the condition of the place is before you rent to students.Make sure your lease is ironclad.

I've made dang sure not to leave my wife in such a position if I should die.

dang....who'd a thunk it?

Manufacturers send invoice- and sell the A/R at discount --this is also called Factoring.

I must confirm any expenses over that.If you are a bit more of a control person, you can also request invoices/reciepts for expenses.5 - Monthly Statements: Does the company send out monthly or quarterly statements.

You may want to consider developing a formal system of your own for invoicing tenants, handling maintenance requests, conducting tenant screening, etc.