They all had inspections performed (as I think is a requirement here in Texas) The problem with a home inspection is it will not address some major cost items that could be financially stressing for a first time buyer.

Clearly write (can't stress this enough) write down your partnership agreement which outlines all duties that will be divided between both of you.

If you invest this money in the flips, you will owe bigger taxes compared to rentals activity. 

Were you actively seeking multifamily rentals in NJ?

Figured if I moved into index funds I would 1) obviously drastically decrease the management fee (my advisor’s is only .75%, but still much larger than the .04%). 2) have fewer commissions as I would not be planning on selling the index funds and actively trading as I have been doing to date.

We define a good tenant as someone who: Has stable employment in a market segment that is very likely to be stable or improve over time.Pays all of the rent on scheduleIs credit based, not cash based.Takes care of the propertyDoes not cause problems with neighborsDoes not engage in illegal activities while on the propertyStays for multiple yearsWe also consider factors like rehab cost, rehab risk, accessibility to jobs, long term maintenance costs, time-to-rent, crime, age, construction, location, and average length of tenant stay in that area in that price range.

Hey folks - I found a couple of Roanoke, Va meetup posts on here using the search, but none of them have been active in a couple of years. 

Bradley,Sounds like a stressful situation. 

I am aware that the city inspectors are active in certain areas, slapping violations on houses that haven't been raised. 

Basically- take 5% of the rent I have and put it into the llc bank account to show activity and pay taxes on that later when I file?