They can leave you at any time and you have to pick up the pieces.

Sure, a smaller one that would be less expensive to run for just HW, but you won't see a full $40k/year reduction in your utility costs.On the plus side, having A/C will probably be a differentiation point for your complex.

The land trusts can also be utilized to remove your name from public record for a given property, as you can have your attorney sign as the "nominee trustee" of the land trust, then have yourself become the "trustee" after the signing is done - per the language you use to form the land trust.

Couldn't pick 2 hotter areas than that. 

It's a trade off they understand will be more profitable in the long run.In the past, I have picked up a lot of Landlords from eviction court. 

When you guys contributed cash, you should have recorded cash as a contribution in the LLC's books. 2) When you invested in the LP, you would get rid of the cash from your books and record the Investment in your books. 3) After the year-end when your investment entity (not your LLC) files a tax return,  you will get K-1 from your investment entity. 4) You will record the activity of the investment that is shown in the K-1 in  your LLC's books.  5) After the books are done recording the K-1 from your investment, your LLC will file a tax return and will issue K-1s for you guys. ( just like your limited partnership investment issued a k-1 for you LLC) 6) You will pick up the K-1s in your personal return. 

ANYthing you need, get before closing, or you risk not being able to get it at all.Get a history of the rental payments from the prior owner.If there is no lease, write one up and make sure it is signed prior to closing, or else the tenants may opt to not sign it.Cant change the rent or utilities mid-lease (If there is one)

You could have windows to replace, roof, siding, sidewalks, underground utilities, dead tree removal or trees to tall or close to buildings, parking lot replacement or repair, amenities to add or replace, etc.

The time you save in not searching turns to all the aforementioned and your opportunity to pick and choose how you involve yourself in each deal; thus partnering on the great stuff and wholesaling the good.Even 2% ownership in a com or multifam deal long term could be a great start to a passive income that allows you even more freedoms (choice).ALL of the value is in the deal.

I did have a syndicated 20 unit deal and the pickings were slim.