It is their compliance department that needs to retain such records and provide reporting on form 5498.For most investors, the value is just that, a number with little real meaning. 

When a tenant is evicted, the landlord must give the tenant a reasonable amount of time to remove all belongings; the landlord may not retain the tenant’s personal belongings or furniture (RPAPL §749; Real Property Law § 235).

I ended up retaining Lexington Law.

Thanks, Dan DietzIn your situation, I recommend you retain 100% ownership of the LLC and the property, and your partner takes the position of a lender with a lien against the property.

That is when retaining an attorney who know's their stuff and can back them up I think is a must.

Talk about what you are learning, it'll help you retain the material.

Pay a lawyer a $1,500 retainer to handle the Unlawful Detainer Action.2. 

How do you retain tenants?

Mainly I am wondering how you all structure your income / COS / expense accounts.I've got my income accounts: rent, Section 8 payments, repairs, gain on sale of assets, extraordinary income, finance chargesI've got cost of sales: utilities, HVAC materials, plumbing materials, lumber, contractors, (lots more... stuff to keep the actual apartment running)I've got my expenses: hazard insurance, PMI, property taxes, cell phone, basically all things that are related to the business, but don't directly keep the apartment runningI've got fixed assets: land, building, computerI've got current assets: cash, checking account, savings account, inventory (stock of repair materials for building), accounts receivableI've got current liabilities: accounts payable, notes payable (current portion), taxes payable, tenant depositsI've got long term liabilities: mortgageI've got owner's equity: retained earnings, owner's contributions, owner's draws (currently I am just a sole proprietor)The biggest item missing from my list is depreciation.

There's only so much you can rehab, and only so much you can get for a sales price, but using a smart tax strategy can gain you 20% or more in retained profits.