The key is having your mortgage professional work in unison with your tax advisor.

Originally posted by Mitch Kronowit:b]California Corporations Code Section 17158[/b][i](a) No person who is a manager or officer or both a manager and officer of a limited liability company shall be personally liable under any judgment of a court, or in any other manner, for any debt, obligation, or liability of the limited liability company, whether that liability or obligation arises in contract, tort, or otherwise, solely by reason of being a manager or officer or both a manager and officer of the limited liability company.Mitch,Don't overlook the key word in the above citation -- "solely".

From my experience, buy & hold investors spending $80k in TN wants something turn-key.

Here's was my Pre-Purchase Checklist when I first started:Upon Contract AcceptanceEnsure Access to Property: * Make Copy of Property Key(s) * Purchase New Lockbox * Place Key(s) in Lockbox and Install at Property (hidden)If Certified Funds are Required for EM: * Get Certified Funds for EM from Bank * Submit Certified Funds to AgentIf Financing the Purchase: * Send Contract to Loan Officer * Provide Loan Officer Property Info * Connect Loan Officer with RE Agent Info * Have Loan Officer Schedule Appraisal * Make sure Loan Officer Knows Anticipated Closing DateDue DiligenceInspections: * Turn On Utilities for Inspection (water, gas, electric) * Schedule Termite Inspection * Schedule Property Inspection * Attend Inspection and Take Notes for “Scope of Work” * Get Final Inspection Report and Review for “Scope of Work” * Get Termite Letter/Pest Inspection ReportContractor Prep: * Create Scope of Work * Create Materials List * Determine Which Contractors Are Needed: * GC * HVAC * Roofer * Electrician * Plumber * Pest/Termite Control * Painter * Landscaper * Carpenter * Schedule GC Walk-Through(s) * Get Contractor QuotesPurchase Decision: * Perform Final Financial Analysis Using Estimates/Quotes * Perform Both Flip and Rental Analysis * Make Go/No-Go Decision on PurchaseUpon Contingency FinalizationFinal Purchase Prep: * Get Closing Date from Lender/Agent * Arrange Landlord Insurance Policy * If Financing, Connect Insurance Agent with Loan Officer * Follow-Up on Appraisal with Lender * Choose a General Contractor * Choose Sub-Contractors (if no GC) * Determine Exit Strategy * Create Rehab Schedule (if no GC) * Create Final BudgetPrior to ClosingFinal Loan and Closing Prep: * Obtain and Review HUD-1 * Obtain and Review GFE (if financing) * Ensure Loan is Ready for Closing (if financing) * Get Certified Funds for Closing * Determine How to Hold Title * Get Partnership Agreement Documents Signed (if partnering)Upon ClosingDay of Closing: * Get Keys * Change Property Tax Records to Home Address * Get GC and Sub Contracts/Docs Signed * Arrange GC and Sub Start Dates

Craigslist showings are more difficult, since you don't want to give the keys to random people and not be there when they're looking at the unit.My question is whether there is a better/cheaper way to fill the vacancies.

The key factor here is how much knowledge does your friend have regarding RE?

Fill us in a bit more about yourself and your RE desires/interests.The key to getting the most out of this community is to stay active and engage the community in the forums and blogs.

As such I am not going to very active here as I probably have nothing to contribute save for possibly sharing my experiences with the turn key companies I am working with.

"they owe the bank $295,000"NO according to YOU she is on title but not the mortgage.If that is true she owes NOTHING to the bank.She just has a partial ownership by title with a property that is underwater in value.Even if it forecloses she can milk some more months as a "tenant at will" before the bank can get her out.Usually they will offer "cash for keys" for her to move.This time of year with court delays for evictions it would most likely take the bank awhile to get her out.She could always try to get the husband to sign an "authorization to release" from giving her the authority to speak about the loan to her.With an underwater house most owners/tenants just care about the mortgage payment.Example house was worth 200k but now worth 130k.Mortgage payment is currently 1,600 but owner/tenant wants payment of 1,100.The bank might readjust the loan payments rather than foreclose and take a big loss.It depends on what type of loan it is and who owns it and workout options.If you bought it for cash at foreclosure then she could stay as a tenant and you have her sign a lease and she rents from you.The details will be based on a state by state basis with time lines and risks involved.She could try to buy the note at a discount or get an investor to try to purchase it on a short sale and rent to her etc.The confusing part of your statement is you said she had 150,000 cash but yet recently filed bankruptcy.Are your sure the husband didn't file bankruptcy and she received the money from the proceedings??

Credit Unions are key for all states right now due to the banks due process turnover with consumer fees