Did you receive a disclosure document from the seller?

Looking for sellers disclosure form.

Most folks don't want to spend $500 on a lead inspection before they buy the property, and many sellers will push back against that because they will then have to admit there's lead paint instead of using the standard disclosure form in the future if that buyer backs out. 

Full disclosure there is a cost for the education. 

That is often effectively the same process, cost, and disclosures as creating an LLC in that state.My advice is rather than read a little about this on the internet and setting up your strategy based on that, spend some time with an attorney discussing asset protection.  

I can see a wheeler-dealer type saying "I own" rather than saying "I have an ownership interest" or more correct "an equity interest in".That there are misconceptions about the role of an attorney acting as an escrow for a starw man which is perfectly lawful and where disclosure may not be required to be made, but where full disclosure should be made.

Having said that….There are at least 7 states with statutes governing land trusts: 1)Illinois:"Land Trust Beneficial Interest Disclosure Act": §765 ILCS 405/0.01 et seq"Land Trust Successor Trustee Act": §765 ILCS 410/0.01 et seq"Land Trustee as Creditor Act": §765 ILCS 415/0.01 et seq"land Trust Recordation and Transfer Tax Act": §765 ILCS 420/1 et seq"Building Law Violation Ownership Disclosure Act": §765 ILCS 425/0.01 et seq"Sale of Residential Property Subject to Land Trust Act": §765 ILCS 430/0.01 et seq"Land trust Fiduciary Duties Act": §765 ILCS 435/1 et seq2)Florida:"Florida land Trust Act": Fla.

I'm note familiar with any tax court cases that have specifically addressed this issue, so going based off of that disclosure, here are my thoughts:I wouldn't be too keen to simply divide the interest expense by five.

Transfer money to main account to prevent inadvertent disclosure of balance of funds.Take David Tilney rental course.

One-on-one interaction between an emotionally invested owner and a criminal and volatile tenant is a recipe for more pain and damage.Full disclosure: we do have some tenants with criminal convictions (requires someone we know well enough to trust to vouch for the tenant-the tenant's current lifestyle has to be law abiding).