My hope is to buy in B- to A- area, prefer a small 2-4 unit (they don't seem to be very easy to find).

To make the 1031 exchange work, make sure the new property is in the LLC's name, follow all the rules, like using a qualified intermediary, and pick suitable replacement properties in time.

It would be very easy for him to file a lawsuit and without a full and complete inventory of what you have, how do you refute the inevitable accusation that he had some prize art/antique/original Nintendo, or whatever in the mess?  

Unfortunately, a good mentor isn't always easy to find.Think about it.

There are strict rules regarding this when using retirement funds.I found a great website showing the advantages of rolling 401k money into a self-directed IRA.

@Jamie BanksWhen we were smaller we used QuickBooks as it was easy and our tax professionals used it so they could be given access instead of asking questionsMade things that much easier for us

Failure to disclose can result in complaints with the state and in some cases may result in lawsuits against you.To avoid these hassles, you will continually need to be updated on current investing laws and rules.

We have clients come in all the time with wacky asset protection strategies created from misinformation or their old accountants misunderstanding the rules.

But remember, the rules about living in a duplex depend on the kind of loan you have.Talk to a local St.

They’re super easy to manage and I enjoy the tax free cash flow.