The key point is disclosure in all contracts whether selling or buying.

The key is having your mortgage professional work in unison with your tax advisor.

Originally posted by Mitch Kronowit:b]California Corporations Code Section 17158[/b][i](a) No person who is a manager or officer or both a manager and officer of a limited liability company shall be personally liable under any judgment of a court, or in any other manner, for any debt, obligation, or liability of the limited liability company, whether that liability or obligation arises in contract, tort, or otherwise, solely by reason of being a manager or officer or both a manager and officer of the limited liability company.Mitch,Don't overlook the key word in the above citation -- "solely".

From my experience, buy & hold investors spending $80k in TN wants something turn-key.

Here's was my Pre-Purchase Checklist when I first started:Upon Contract AcceptanceEnsure Access to Property: * Make Copy of Property Key(s) * Purchase New Lockbox * Place Key(s) in Lockbox and Install at Property (hidden)If Certified Funds are Required for EM: * Get Certified Funds for EM from Bank * Submit Certified Funds to AgentIf Financing the Purchase: * Send Contract to Loan Officer * Provide Loan Officer Property Info * Connect Loan Officer with RE Agent Info * Have Loan Officer Schedule Appraisal * Make sure Loan Officer Knows Anticipated Closing DateDue DiligenceInspections: * Turn On Utilities for Inspection (water, gas, electric) * Schedule Termite Inspection * Schedule Property Inspection * Attend Inspection and Take Notes for “Scope of Work” * Get Final Inspection Report and Review for “Scope of Work” * Get Termite Letter/Pest Inspection ReportContractor Prep: * Create Scope of Work * Create Materials List * Determine Which Contractors Are Needed: * GC * HVAC * Roofer * Electrician * Plumber * Pest/Termite Control * Painter * Landscaper * Carpenter * Schedule GC Walk-Through(s) * Get Contractor QuotesPurchase Decision: * Perform Final Financial Analysis Using Estimates/Quotes * Perform Both Flip and Rental Analysis * Make Go/No-Go Decision on PurchaseUpon Contingency FinalizationFinal Purchase Prep: * Get Closing Date from Lender/Agent * Arrange Landlord Insurance Policy * If Financing, Connect Insurance Agent with Loan Officer * Follow-Up on Appraisal with Lender * Choose a General Contractor * Choose Sub-Contractors (if no GC) * Determine Exit Strategy * Create Rehab Schedule (if no GC) * Create Final BudgetPrior to ClosingFinal Loan and Closing Prep: * Obtain and Review HUD-1 * Obtain and Review GFE (if financing) * Ensure Loan is Ready for Closing (if financing) * Get Certified Funds for Closing * Determine How to Hold Title * Get Partnership Agreement Documents Signed (if partnering)Upon ClosingDay of Closing: * Get Keys * Change Property Tax Records to Home Address * Get GC and Sub Contracts/Docs Signed * Arrange GC and Sub Start Dates

Craigslist showings are more difficult, since you don't want to give the keys to random people and not be there when they're looking at the unit.My question is whether there is a better/cheaper way to fill the vacancies.

Don't let people tell you it will cost $1,000 or even $600 for a nice mobile website.The differences are HUGE when delivering a better consumer experience to a potential home buyer.For an example if you have an iPhone, DRoid or whatever then visit this example mobile website from your phone.http://www.realestate.bradroark.com/Good Luck

The key factor here is how much knowledge does your friend have regarding RE?

Fill us in a bit more about yourself and your RE desires/interests.The key to getting the most out of this community is to stay active and engage the community in the forums and blogs.

As such I am not going to very active here as I probably have nothing to contribute save for possibly sharing my experiences with the turn key companies I am working with.