Does putting leases in our joint names increase liability for us by allowing a tenant sue both of us (risking all of our assets) instead of only the half in that spouses name?

My lawyer says this is good enough to constitute a contract based on giving her 'consideration' in the form of releasing her from liability in exchange for leaving this weekend.Now I'm hearing from the other girl and guy that she told them she is staying.

I have a 3 fam rental property now, that is becoming a liability, so I am selling and wanting to use the money to buy a primary residence for my family and the use the rest to fix and flip some properties.

:roll: Here is how I enter the initial purchase.1005 19th Ave Asset:land Debit $26,6001005 19th Ave Asset:bldg Debit $239,400Closing Costs:1005 19th Debit $76381005 19th Liabilities:1st Mort Credit $212,8001005 19th Liabilities:2nd Mort Credit $26,600Owners Equity [earnest $] Credit $34,238I think it makes sense as you mentioned to expense most repair items and capitalize the improvement.

Division of liabilities incurred before marriage.

He holds every single property he owns in a separate LLC for tax/legal/liability issues, and he's a Harvard CPA.

You probably want to talk to your prospective lenders to see if you can do this in your area, with your target property, with your credit, assets, liabilities, and income.

I didn't address liability issues but you need to do that whether you supply an appliance or not.

If you can't sleep because you are worried your tenant is late with her rent, then landlording is probably not for you because there are other things way worse than having to evict a tenant.Real estate is a LIABILITY generating asset, there are potential lawsuits lurking every which way, things you could hardly imagine possible.Insurance of course is a must have, but seriously insurance policies are very technical and complicated.

That's not a liability you exactly want in an urban setting.