Please can any one share their experience and adivce me the right steps to take.We will be meeting with the lawyers to discuss the matter, but would like to get educated before and have our questions ready..Thanks in Advance.

Most stuff you'll read either needs more detail, is completely wrong or doesn't pertain to your area (even from the great J Scott).But, you've taken the most important step, ACTION!

And check out, if you haven't yet, How to Buy a Small MultiFamily Property: A Step by Step Case Study

REI is something I have always been interested in and I'm happy to be taking the first steps towards financial FREEDOM!!!

What would be the appropriate steps for me to protect myself in this situation?

Thanks for info Bill, I understand the paperwork and agreement side of things makes things complicated but if a few extra steps can net me 10-15% on our money then i would call that worth it.I have meetings with 2 more CPAs and 1 more lawyer next week.How does everyone else have their flipping income funneled?

Though that is still "me" buying the shares, seems like the 1 small step removed might make the deal more legit to the IRS.Thoughts?

In 2011, I tried to sell my seven unit apt. bldg. on CLI was surprised that I didn't get one call.So in Denver at least, I don't think buyers are looking there.Loopnet.com is the MLS of multifamily, but I don't know too much about it.

Either way works, and I wouldn't say taking huge risk but taking calculated risks with small or big steps.

quick update , yes Bill the red cross came in with a debit card for food and family stepped up to find housing temporarily.Repairs look to be about 25kwill take 4 weeksinsurance company not out there yetsec 8 inspected will most likely give a move voucher to tenant but I would like to keep her in the property if possible.Insurance is for 25k so lets see how that plays out.