As the wholesaler, do you have to tie up the property that you intend of turning over to an investor, with legal documents?

Do you not have any money or just debt?

He is legally bound to send you a factual, written report.

No firsthand experience, but every time I've seen this question come up the responses indicate that for a few small units LLC will not protect you better than simply adding an umbrella policy to your insurance while being more complicated and expensive to maintain.Also many snags to consider such as banks not likely to finance residential property to the name of an LLC, transferring to an LLC later can trigger a due on sale clause in your mortgage, if you mix personal funds and LLC funds to pay for something you can negate all legal protections.

I assume this is not exactly legal but is there a legal way to go about this?

Just take the rent and multiply by 50% and use that as a rough total for expenses in addition to any debt service.The numbers you have above yield total expenses of $33,575 (59% of rents so the rule of thumb isn't needed).  

One partner has proposed the following and I want to make sure that from legal and tax perspectives it all makes sense and is legit.. 1.Form an LLC where three partners would each have 1/3rd interest.2.Transfer the property (title) to the LLC via quit claim deed for some price/consideration3.He would buy our shares/interest in LLC so he ends up with 100% ownership4.Mortgage would continue in my name and I would remain the Garantor (he will pay me some fee each year to keep it in my name).

I am curious about the legal parameters of all this and if this is something I could break my lease over, because its just my daughter and I and I would really rather just move out than deal with all of this through the winter.

I'm trying to figure out how much debt this property will carry forward and need to be offset by my other income to know if I can afford to build another property.

Good day BPI recently purchased a 4 unit property in SE Wisconsin ( Kenosha ) prior to closing I asked the previous owner to provide the lease agreements and I tried to get them to submit an estoppel agreement but they wouldn't because it wasn't a "legal" document.