For some reason in my head I thought it was everyone in a room together all signing documents in one joyous party.

If you need more assistance, title companies can be a great resource in helping make sure you have the proper documentation.

You're never going to see what they actually rented for because a signed lease is not a publicly recorded document so there's no way that anyone other than the landlord or tenant would ever know.

@Karen Margrave @Bill GulleyBill not only has my RE attorney created the document we have it registered and blessed by the department of corporations and securities in our state.And when I have done these for outside investors the profit that was made on the note ( if we held the property more than a year) was deemed capital gains.Of course every state is different and JV's are certainly just fine to do.

You do/should have the option to keep the tenant (request the file for occupant- rental documents, lease, security deposit information ) if you would like to consider keeping the current tenant.

You can pick up a copy (or books on tape/cd) to be ready for our Discussion Group 6:30 - 7:30 PM Basically the author shows how Ray Kroc (and other successful businesses) documented the simple procedures of the MacDonald brothers to grow the largest fast food purveyor in the world.

You can see if someone is editing a document at the same time which is neat.

Would anyone care to share exactly what documentation you keep from the time you rent a property until the time it becomes vacant?

Hope you'll monitor this thread @John ChapmanWe may get more posts as I'm sure .many operators stick the LLC documents in a drawer and forget about them.You LLC doesn't need to be read, it needs to be studied carefully.It also needs to be tended to, there are entity maintenance matters to oversee depending on how it is structured you may need to keep your LLC tuned up monthly but at least annually for it to perform.

I recommend seeing an attorney when starting out doing this.You will typically have two separate documents.1) Promissory note.