I will contact my lawyer ASAP.

First, I am not a lawyer, so you should certainly talk to one.

As to which state, check with your lawyer & accountant.

no surprises here, I'm sure but for information, Property direct America has closed down and is now saying they will comment no further as the case is with their lawyers.

I think I need to see a tax lawyer or accountant soon anyways.

Otherwise you do have to disclose your interest in a trust if a lawyer asks under oath.You need an LLC or corporation to create a firewall when it comes to liability.

My lease says 10 and my lawyer has confirmed that's acceptable.Unpaid rent is the best reason to evict.

You all need to talk to a good financial planning lawyer both to set up the trust and investigate gift taxes and ways around them.

The dead child's parents will hire some dirtbag lawyer to come after you for everything.

If lots, then keep good records for contributions, draws and equity splits.Revenue:Rental IncomeOther IncomeExpenses:HOA FeesMortgage InterestProperty InsuranceProperty TaxesRepairs and MaintenanceProfessional Fees (such as accountants and lawyers)(Anything else on Schedule E that you doOther:Interest IncomeFlipping Business should include:Assets:Cash AccountsMortgage Escrow Account (if appropriate)Projects in Process (one for each project, ideally)Tools and EquipmentDeposits and Prepaid ExpensesLiabilities:Accounts PayableMortgage Payable (one for each property)Other Loans PayablePayroll Tax Liabilities (as applicable)EquitySame as aboveRevenue:Property Sales RevenueCommissions Revenue (if applicable)Cost of Goods SoldProject ExpensesExpenses:Most of your job expenses will be recorded in Projects In Process as an accumulated asset and then moved to Project Expenses when you sell the project, so there's no real need to separate out expenses such as Materials, Subcontractors, Holding Costs, Utilities, etc.