We can value the business, it's not like an ice cream store, it's professionally based on the clients retained.

The first $50K in a C Corp is taxed at just 15%, it allows for retained earnings vs.

Even if fashions change in 3 years this style will retain it's universal appeal.Also there have been many recent chemistry advances and some inexpensive companies offer a fantastic and durable white paint. 

You need to retain an attorney.

I would try to get a retainer contract with the old PM.

The upside is CFAT (retained earnings) can be retained by the LLC for reinvestment (you could accomplish this as a flow through if there is an agreement that each partner will recontribute a certain percentage of their earnings).In either case, you should draw a distinction between your role as investor and your role as property manager.  

Some retain 10% for punchlist, but that doesn't/rarely happens on residential.

My rule of thumb is that I will gear a property and retain a capital account with sufficient funds to cover all costs on the property for a period of 6 months should the property be vacant for any length of time.This may all sound a little over the top, but investing your hard earned money, or that of other people deserves good advice and strong financial  management.

@Josh Haney I believe the legal/compliance piece is fairly well covered by those who already commented I completely agree that it's important to retain legal counsel to assist with drafting and also loop in an accountant to confirm structure is arranged with tax efficiency in mind. 

I am no longer retain the property management services at this point.