It gives you more transparency on expenses and creates multi person decision making process.Lender, Agent, Lawyer,Home inspector are all independently singing off on your investment instead of one turnkey company.That’s my humble opinion at least

Yeah yeah...all the wanna be lawyers will say it's tangling more into the mix. 

UPDATE:So I received some additional paperwork from the lawyer who is responsible for this sale.  

I would recommend seeking out a local landlord/tenant lawyer to review your business proposals with to make sure they conform with all local rules and regulations.

Hey BP family,I'm looking for any referrals for lawyers within the NYC area to create a multi-member LLC with 2 other people.

Do you have an affordable eviction lawyer in Philadelphia that you can recommeend?

You're probably going to have to consult a good eviction lawyer in Oakland if you want to pursue it, but the difference to market is actually very small relative to most of what I've seen in Oakland.

Thanks Jon...I had missed that thread...I haven't spoken to a tax attorney about this yet (haven't decided if I want to seriously pursue the idea), but I did called Pensco Trust (an SDI custodian) and asked them this question.Basically, they said that my transaction was legal and that the other transaction would be legal as well, but they carefully avoided my specific question about the two transactions together.Based on the info in the other thread, I'm going to consult my attorney and my accountant before I consider this any further...I'll let you know what they have to say...Jscott - Did you get an answer from your lawyer on this?

I would definitely consult both a lawyer and a CPA before doing anything with the property but after you can speak to the appraised value.

We are certainly "business oriented" people so everything would be in writing and any legal docs would be drafted by a lawyer.