If the neighborhood is as bad as the purchase price suggests, you need to also include a realistic initial Renovation cost, and even more importantly, a monthly allowance for Maintenance and Cap Ex (say, 10% for each, and the same for Property Management).What's that? 

He advised we start a trust and also put my 3 rental properties into a LLC.I see the pro's that he mentions but any con's that I just dont see other than this initial hassle of setting it up?

Hello,
I currently live in Canada (Canadian residence) and have 100K USD in cash.
I wanted to start looking for a house in the US, I thought of Buffalo NY since it's not far away from me.
I know I should open a US ...

They told me about it a month ago and I have no clue if it was there when they got the unit or after, it never showed up on my initial inspection to buy the property.

Yes, I've already had a few interactions already; a lot more than I initially expected. 

First some questions and clarifications:1 - You mentioned the cost to buy and the current PV, which nets out an initial equity position of around $70k. 

Since you have no money in the deal, I'd suggest offering your LP investor this:LP Investor receives all their money back first, before GP gets paidAfter initial return of capital, LP gets 8% annual return before GP gets paidAfter 8% return (can change depending on the deal...), the profits are split 50/50 between you and the LP.After 12% return, GP keeps 75% profits, LP keeps 25%.

Pet fee remains during initial 1 year lease. 

Last time it was a non-performing loan in Texas where it exceeded UPB because they indicated the legal balance was so high and the initial filing had been done.  

My partners get back 50% of their initial investment.