One of the things that I have found is that is gets harder and harder to have an accurate accounting as our business grows so I shift more of this to our accountant who does our books monthly.

For the gas/electric company (same company here), the gas & electric will automatically revert to me if its cut off from the tenant.

That tells you how good these companies are at shifting their income out of the US.As Bryan said earlier, corporations don't pay income taxes anyway; their customers do, in the form of higher prices.As a result, I'd like to see the corporate income tax rate slashed to zero.

First anytime a RE agent shows a property that you are interested in buying and don't have an agent with you, the agent showing the house automatically become dual agent.

April your friend is buying time.They will have no motivation to sell to anyone after the BK filing.Until the filing their back was against the wall.Now they can breathe a sigh of collective relief for a few months at least.When you file typically most do a chapter 13.You have go through a meeting of the creditors along with a conformation hearing down the road where the plan is approved.Lower payments do not really happen in a 13.A chapter 13 usually lasts 3 to 5 years on the repayment plan.The trustee payments and attorney payments are front loaded before the creditors so they get paid first as they know most cases will get dismissed.With reduced payments on the mortgage you are talking about a forbearance plan with the banks loss mitigation department or a permanent loan mod.If someone has crap credit already they might could care less and file BK.They can get many,many months of free mortgage this way.If you don't make the regular payment the lender will file for a "relief of automatic stay" and if you don't make the BK payment the trustee will file a motion to dismiss.Since you are creating an additional payment for the back payments owed on the mortgage plus any other creditors included you are not doing anything.If your friend owes a ton of other debt as well a chapter 7 might be best.In a chapter 13 your credit is frozen in the crapper for the term of the plan 3 to 5 years.In a chapter 7 you are immediately liquidated and can build credit back much faster.Attorneys want that money.Many in my area will file chapter 13 to get started for 75 bucks!

Or he may have filed bankruptcy (or multiple bankruptcies) which put an automatic "stay" on the foreclosure process.

Instead, the budget automatically passes unless there is a majority vote NOT to pass the budget.

., lead paint, chinese drywall if applicable, affiliated company disclosures, etc. that are automatically added to all of my transactions.

Hi John,unfortunately, a LLC doesn't save you from paperwork - quite the contrary.You still need all your receipts to substantiate your expenses to the IRS (if it comes to defending an audit).You definitely want to have separate accounts to show that the LLC is indeed a distinct entity and you definitely do not want to mix your and the LLC moneys.Mixing personal and business funds more or less automatically kills the point and benefit of the LLC since it needs to documented as a separate, business entity.There's a ton of LLC related discussions on BP, plus I found the NOLO books on dealing with Tax for Landlords to be outstanding.You have plenty of time to ramp up on this aspect.Get a bunch more rentals under your belt to build up your net worth.

I see I can choose to get the witholding tax of 30% taking off automatically by property manager but I can also complete a form to be taxed on net rental?