1st thing is what system do you plan to implement for property management, maintenance, lending etc...I'd surely link with a commercial agent who specializes in apartments, not a residential agent.I'd be curious to know whether there are any big repairs needed, and whether there is any room to increase revenue (increase rents, lessen expenses)?

I had this set up with tenants I inherited.

Otherwise we work with our buyers (along with our in house PM company) to come up with a custom plan to help our new landlords deal with the inherited tenants.

@Chase CadleThe number one concern should be with your partner.If you pass away and the property is in your name, your heirs/beneficiaries will inherit it.Without it being in some entity with paper-work behind it, your partner will be out of luck.The other issue is that you would have a form 1098 issued by the bank listing that YOU paid for mortgage interest / real estate taxes but you wanting it reported on the partnership return.There is a potential opportunity to 'nominee' the amounts from your personal return to the partnership return but it is not as clean.Best of luck

Hi Everyone,
I have a tenant that has requested rent relief through the Virginia Rent Relief Program.  This tenant is on a month-to-month lease and I was planning to serve him notice to vacate due to the fact that he...

If you look at well-to-do people around, you can see that the affluent people are generally the ones who inherited a substantial amount of property.

Hello everyone,
I have a problem that I’m hoping someone can help me out with. My dad passed away and didn’t leave a will. He owned a duplex that I would like to take over, but I’m not sure what steps I need to ...

inherited land and built structure How did you finance this deal?

I came home one night this week, and she told me her son inherited a house from her ex-husbands mother.

I recently inherited a rental property with other heirs.