I am not a lawyer but it is my understanding that minutes and annual meetings are not required of LLCs in most states however they are good practice.

It's about as painless a way to improve your skills in this area as I've seen in a long time.

They sometimes forget about their own suggestions (escrow account) and when you have one with $20k in it, they look very favorable upon your ‘cash on hand’ and business-savvy practices not realizing that it is all current assets by GAAP standards; meaning you will expend it all in less than 12 months when the tax bills and insurance bills come in the mail.There is much more….

The depreciation on rental properties (residential 1-4 units) are calculated from the value of the improvements and divided by 27.5 years.For example, lets say your rental is purchased for $200,000 and the land is assessed at $40,000 and the structure (improvements) assessed at $160,000.

Hi Victoria, I thought Lease Options were practically illegal in Texas.

I'm working my way through my copy now and, I have to say, Richard did an excellent job 8) *Tons* of practical information, well organized, and well written.

Does that sound like a good idea to improve my skills in investing?

In large part your practice will depend on local market conditions, however, in any event if they are not moving in within 7 days, at a minimum you should get a cash or certified funds hold deposit.

However, I have read some 'experts' that say unless you practice with your semi on a regular basis you are better off with the simplicity of a wheel gun.AdrianG: after you spend some time reading the many useful posts all over this site, you will see that some of us rent to low-income tenants where we are actively involved in cash rent collections, delivering eviction notices, chasing drug dealers and other undesirables off property, doing repairs at odd hours, etc.

Local banks are staffed with decision makers who know the local market and have a vested interest in the improvement of the local market.