Hopefully, no one here is near that low level of wealth but Congress passed a law allowing for a 5 year lookback period to determine eligibility for Medicaid.

State laws usually dictate accounting rules for managers, but you wo want to know all of this up front.

article=3976-1This new bill is a major change in Ohio tax law and can put a hurt on your bottom line if you are a major player in the state of Ohio.

I bought it at discount and I am probably going to hold onto this one, I like the rent laws in florida.

In some states (like Virginia) if you own over 4 rental properties, at least one of which falls inside certain counties in Virginia, you are subject to the much more restrictive Landlord and Tenant laws.

Only the transfer of the property to the Land Trust is recorded so that the owner of record becomes the trustee.By law a bank can not interfere with the transfer of a property into a trust.

Also there could be a lot of risk for the owner if the contract looks like seller financing and the tenant/buyer stops paying rent and it goes to court they could state because it is seller financing the Landlord/Owner has to foreclose instead of evict which is much more expensive and timely and in real estate time is money.A lease with the option to buy or Rent-to-Own is a better way to go for all parties, we use the Association of Realtors Lease for our state to make sure we follow all of the laws of our state to protect all parties and usually do up to three years, any longer and it could be considered seller financing.

However, like any other RE transaction the final agrement will have many legal considerations and be governed by federal, state and possibly local laws.

I think everyone loses in a law suit so find a way to settle.

Also, in the future, you may wish to include the following language in your Articles of Formation (or whatever they are called in your state) when starting an LLC, and in your Operating Agreement:Purpose for this company is: "To provide any and all other services allowable under the laws of this state."