My Wife has been helping quite a bit with paper work and other aspects of the business and my mother in law wants her as an owner on the operating agreement.Is it right and fair for my Wife and I to be 50% ownership since we are one in the same and mother in law to be 50% or should we all be 1/3rd ?

The results of this review will be considered by the committee when finalizing the LREC's strategic plan.Louisiana licensing law provides that a license is not required for any person or corporation who, individually or through an employee or representative, performs acts of ownership with reference to property they own.

I could have paid a licensed GC $60k+ and still netted a decent profit for myself and my investor.Control MattersThankfully, I controlled this property and the contractor had no ownership of it, so I was in a strong position when it came to those difficult negotiations.What I’m doing nowThe only way I could look at this experience as a failure, is if I had decided to give up on REI.

Also, if you are using a mortgage, you are risking getting your due on sale clause called by the bank, as they do not lend to LLCs and transferring to one costs as a change of ownership.

A quit claim deed anyone can issue for any property ... it just means you transfer all of your ownership interest over to someone ... meaning, you could own nothing and you transfer all of nothing over to someone else.

Would it be  even more costly to create another LLC, transfer the ownership of the property into it, and then sell that LLC to the end buyer?  

Its been my experience that financial institutions will refi on the purchase price with less than a year of ownership, but refi on the value of the property after 12 months.

Way too many variables in this type of transaction, would have to know your entire individual and corporate tax situation, For example, depends on your percentage of ownership before and after the transfer, your bases in the property vs. it FMV on date of transfer, and a bunch of other information.  

Here is item 3 mentioned above1.Delivery of Property Information Items: Within 7 days after the effective date, Seller will deliver to the Buyer:a)copies of all current tenant applications and leases pertaining to the Property certified to be true and correct, including any modifications, supplements, or amendments to the leases (applications, leases, modifications, supplements and/or amendments to be made available to Buyer during regular business hours at the Property);b)current rent roll (showing lease rent, delinquencies, lease expiration and security deposits paid), certified by Seller to be true and correct;c)most recent 3 months bank deposits;d)a copy of Seller's income and expense statement for the Property for the last 36 months immediately preceding the effective date;e)copies of the Evidence of Insurance for all policies since the last renewal, including invoices, current policy, and copies of the last three years loss run from the insurance carriers for fire, hazard, liability and any other insurance policy that relates to the property;f)copies of all previous surveys, environmental assessments, geotechnical reports, studies, architectural, engineering feasibility studies, “as builts”, plats, or analyses made on or relating to the Property, including maps, plans and drawings;g)real and personal property tax statements and any appraisal notices for the Property for the previous 2 calendar years;h)copies of current capacity letters, and current utility bills from the property's water, sewer, gas electric, trash, phone and cable service providers for the past two years, or permission to access these accounts;i)copy of existing Property Management Agreement; a)payroll detail – 2012W-2s, YTD monthly, and most recent Y-T-D paystubs;b)a current inventory of all personal property to be conveyed under this contract and copies of any leases for such personal property;c)copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller will not pay in full on or before closing;d)copies of all current service, and maintenance, agreements relating to the ownership and operation of the Property; including but not limited to: Laundry Lease, Cable/Satellite, Electric, Phones, Leasing, Commission, Advertising or other;e)copies of all current warranties and guaranties relating to all or part of the Property;f)current and past capital expenditures for the past three years;g)copies of all work orders for repairs incurred by Seller for the Property in the 24 months immediately preceding the Adjusted Effective Date; (work orders to be made available to Buyer during regular business hours at the Property)

For months I have been educating myself about real estate and home ownership by reading several publications, attending seminars and taking a real estate course so I may sit for my PA Real Estate Salesperson license.