You can draw up a simple operating agreement, even go on the web and find one and amend it if you want.

I have been running TV commercials that are pulling leads from all around my core area (Charlotte, NC).

Much less management problems, lower tenant turnover ratios, lower operating expenses (usually), and the ability to force appreciate.

You missed a BUNCH of the expenses, such as damage done by tenants in excess of the security deposit, advertising, entity maintenance, legal fees, evictions, lawsuits, office supplies, etc, etc, etc.Throughout the United States, operating expenses run 45% to 50% of the gross rents.

I owned and operated a printing company, but outsourced this service as I did not have the equipment for stuffing env.s.

How much you need will depend on the circumstances surrounding the particular property you are buying.Once you get the property in operation and stabilized, your reserves will build from the monthly operating expenses.Good Luck,Mike

You can look at what similar buildings went for via the price per square, but it's true valuation stems from the NOI (Net operating income).If the gross rents are $3k monthly and the lease is a NNN, then your only expenses are accounting, legal, administartive, entity formation, and PM if you choose to use one.Assuming the total operating expenses come to 20%, your NOI= $28,800If the going cap rate in that area is 10%, then the value is $288,000If the going cap rate is 12%, then the value is $240,000.$3 per square NNN for industrial is pretty cheap, although I am not familiar with your area rates.

To determine the NOI, you need to know the operating expenses.

BTW, I've skied at several Intrawest resorts, but I've never known them to operate any condos at the resort.

Reminder: This ends tomorrow (Dec 31).For more detail on what is included at no charge (quite a bit -- name check; filing; bylaws / operating agreement; share/member certs; QuickBooks Simple Start): Check the biggerpockets classified:http://www.biggerpockets.com/forums/53/topics/26064-free-llcs-corps-from-intuit-s-mycorp-ends-dec-31-?