On a side note, shouldn't we see some crazy community improvements as a result of the unexpected tax revenues throughout the early 2000s?

Costs for an exchange are minimal (my company charges a total of $695, for instance); it's hard to find a RE deal where taxes won't be at least that much.

Do not let a title company charge you a couple of hundred $$ for it either I could walk you through it relitivly easily.

Then, bam, something unexpected happens and all our plans are disrupted.

They should just charge more and do a better job.

Tenants die from carbon monoxide poisoning and the landlord was charged with homicide.

It's the slum lords who bypass the law by paying for city water and trash service and then they charge extra rents to make up the difference.

It should include what needs to be done, when they get paid, what happens if you fire them before finishing, that they will pay taxes, get permits, not charge you for work unless agreed in writing, ect ..

There is a local company that helps find buyers for this situation; they find buyers who won't qualify for a bank mortgage and thus sellers can typically sell a little higher than retail, charge higher interest, and require less money in repairs to the house.

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.