I would have a lawyer handle this situation for me and keep all documentation so in later years I'd have legal proof that I did all I could to insure it was a false accusation, not wait until the child sues you years down the road and then try to prove the mom was making it up to get out of eviction.

We will begin legal proceeding on the 5th of the month if we still have not received payment.

It is not wrong to have money if you make it legally.

I'm not saying it's okay to be deceptive - I'm just saying there is no way for them to call a note due if there was no legal transfer of ownership.

Good times.....Ha is that even legal?

You are asking for legal advice which cannot be given on the forum.Do you have a broker on your end representing you or an attorney??

I cannot suggest a lawyer for you but setting up a legal entity is pretty simple.If you know what entity type you want, you can simply go to your states website and set it up.

If you have any legal questions on deal structuring, entity structuring, or general questions, please reach out and let me know.

And perhaps, she doesn't know how to get around those legalities because she isn't an investor.

Not sure how much of that PITI is P&I, but you've omitted capital, vacancy, maintenance (mostly caused by tenants), other utilities (at least when its vacant), make ready, legal costs, CPA costs, etc.Landlord insurance is more expensive than homeowners.As far as the tax benefits, your net rental income will be the rent you actually collect, less all actual expenses (taxes, insurance, PM, maintenance, utilities, etc.), less interest (not the principle payment, though) and less depreciation.