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.  

Communication is important, be careful using investor "lingo" with Realtors, lawyers and title/closing company types. 

Does anyone know a good real estate lawyer in the Oklahoma City area that they have previously worked successfully with?

Your CPA can advise you on the best structure and your lawyer can paper it for you.

They had lawyers in to explain the PA blighted property act and have had contractors in to discuss the services they offer.As for getting started, read as many articles as you can on this site.

*** This is not legal advice and I am not your lawyer.

Hello,We are looking for recommendations for amazing real estate lawyer and a real estate CPA in Houston, TX who can help us with our REI company.  

Luckily I dont have to pay the legal fees because I'm a lawyer.

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