There are penalties for filing frivolous lawsuits in bad faith (those filed with malicious intent and not grounded on law).

We have filed for our LLC and are awaiting our EIN so we can open the necessary corporate accounts.

It would likely kill all your cash-flow.In my opinion, filing + advice for someone with that portfolio size should be less.best of luck

@Sean Hoglund  Assuming the prior years tax value is lower than your purchase price as in your example, you want to file your ATI Exemption before Jan 31st following your closing date at your county's Assessors office. 

Is there any filing that we should do accordingly?

It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/filesGood luck.

I also found a WLB lease agreement in the back of my filing cabinet and I am using that to get the individual room leasing rolling ASAP.  

Hi,I’m going through. 4plex tenant eviction In Alhambra and have already filed an unlawful detainer and got a court date.tenants who currently are paying about $1,500/month are asking for $20,000 and free rent for 9 months.

It contains hundreds of files such as ebooks, checklists and spreadsheets for real estate investors: https://www.biggerpockets.com/filesGood luck.

If you lived there 2 of the previous 5 years any profits from a sale would be exempt from taxes up to $250k for a single person and $500k married filing jointly.