If it is owned by one of the REITS in the area (ALL, ELS, HTA, CAL-AM, ETC), the manager is not in a position to live up to the promise of waiving lot rent (notice... didnt say they cant offer it... they just cant live up to the promise).  

what i just noticed is that both statutes don't even mention ownership of the property. what they say is if someone is doing this for another or for oneself. if somone is brokering then either the broker asked the seller to sell their property or vise versa. 

Right away I noticed that a couple was living in the living room with blow up mattresses and a  child, another couple with a kid, and a dog were living in the spare bedroom, which explained the dog turds in the yard.

Other than an additional setup cost associated with the need to publish a public notice in your county of LLC formation, New York has reasonably easy LLC requirements.  

My apologies, @J Scott, I didn't notice your email address in your signature.

If you have rentals in NC or in any state for that matter (I'm sure they have similar statutes), I thought you would find this useful:I just had a tenant in North Carolina request to terminate the lease in accordance with North Carolina General Statute 42-45.1, Victim of domestic Violence (http://law.justia.com/codes/north-carolina/2005/ch...).Unfortunately, her email and notice to terminate was invalid.  

I live in the bay area and notice that inventory is quite low here thus prices are way above my budget. 

Landlords entering with no notice in non-emergency situations.The internet is a two-way street.  

I noticed you mentioned that you've heard the horror stories of property management but that you're interested in passive income.

I'm not sure if I could have noticed all those problems though.