Hire a professional until you know the law well enough to handle it on your own.Tip 4: Know the law.

I'm also reading/listening to books suggested by the guests (rich dad poor dad, abc's of real estate investing. etc.)I know this was a long post but I'm a blogger also and tend to be long winded!

My cousin is dying of cancer and the family is confused about how to handle notice to the landlord. 

I put my trust in my PM who seems to have good handle on things.

I handled all coordination...it was sellers agent's first deal, he didn't have any idea what to do.

Unfortunately, there was  water intrusion on one side of the duplex, and I'm looking for a GC/contractor that handles the external of the house. 

You will then report the information from the K-1 on your individual tax return.When you dispose of the partnership investment-the gain will be long-term if held for more than 1 year.If you have a loan agreement - you are lending money in exchange for interest.

@Jeff Oberts deposits belong to the tenant anf should be transferred to the new owner. that being said, if it is not in your purchase contract there is likely no recourse. in the future this should be apart of any future written offers, along with prorated rent payments, which i am guessing you did not ask for as well. check your contract. but if its not in the contract, you still have to reimburse tenant when they leave

There are good reasons to have a local agent working for you though, they might bring you deals you missed or where otherwise unaware of they also ideally can function to double check everything to make sure everything is handled correctly and finally the very best agents also have great relationships with vendors and can help you through the whole process. 

We regularly handle double closing and Assignments and would love to talk to you about working together on your future deals.