If you fail to do this, then you can only go back as far as the date that the LLC was created which will subject earned income prior to the LLC's date of existence to be subject to the full self-employment taxes (read: costly). 

I hope to find individuals that have once had the same ambitions as I did, yet have either failed due to unfortunate circumstances or individuals that have succeeded with great victory.

This is a reply for all:NPNs are non performing notes where a mortgagee failed to pay his mortgage for sometime.

This is probably the most common new landlords make and they are baffled when they fail to make any profit. 

The eviction company recommends we just do new lease and send to them, if they fail to sign, then we evict.  

That said, if we determine through our own vendor that a covered mechanical item in your home has failed or is in need of costly repair, we will endeavor to get whatever Home Warranty company you have out to honor the warranty, provided that they accomplish the service call and repair in a time frame and manner that is reasonable and just to all parties.Take a look at Paragraph 18 section F of the tenants lease agreement 18.

We don't look quite so smart.Now suppose second coming of the hula-hoop fails to materialize and the hula-hoop factory announces in June 2017 it is winding down operations after 65-years in the business.  

Its more succeed or fail with a flip than it is with a rental.....

This company clearly should not and by sharing your experience, you protect other investors and hopefully improve the industry - as companies that do well are rewarded and companies that fail to deliver, ... fail in the marketplace.

You have to fail before you can truly know what success is.