That said, here are the basic steps: - File your Articles of Organization (here is the Kentucky template, given you appear to be live there: http://www.sos.ky.gov/NR/rdonlyres/50E8E38F-40BA-4636-A6F1-89B47E3F5DDA/0/FillableKLCArticlesofOrganizationProfitLimitedLiabilityCompany.pdf) - Create an Operating Agreement for the business - Get a Federal EIN number (http://www.irs.gov/businesses/small/article/0,,id=97860,00.html) - Use IRS Form 8832 to elect a specific entity classification to optimize your business from a tax perspective (http://www.irs.gov/pub/irs-pdf/f8832.pdf) - Register with your state Dept of Revenue so you can submit/file income taxes - Register with your state Dept of Labor (if you have employees) so you can submit/file withholding taxes - Figure out your state and federal tax filing requirements based on your specific tax election and state requirements - Do any other state- and business-specific stuff necessary to maintain the LLC (such as pay annual fees, hold annual meetings, etc) There are the basics.

Just think of the flip side, if the tenant who is month to month elected to leave you would have a vacancy join your hands, it is a 2-way street, at the end of the day you pay the bills.

And with the election around the corner, it’s sure to stay that way.

I just heard the last President of SLAR (Stl Assoc Realtors) say that north of Delmar was the best investment in the country.

Victor Menasce Author of "The Great Canadian TakeOver"President of Ottawa Real Estate Investors Organization.

Bank presidents, tenants, they are all the same.

If you're concerned about not receiving a response within the inspections window, then elect 30 days for permitting/zoning contingencies in the AOS so you can receive the city's response in time. 

At that time, the land was worthless, now it is a bit more valuable.There is land next to it that I also wish to purchase, it is also owned by the contracting company.I know how to push this land to auction but I feel I would get a better price/easier time buying from the owners instead.I know where to find the old president of the company.Is it a good idea/possible to try to purchase the land from him or should I just have it pushed to auction where I know others will bid against me?

At small community banks you need to talk with a president or a person who is in charge of collections.

He's also the president of NOREIA. http://www.gulfsouthtitlecorp.com/Gulf South Title Corporation2201 Veterans Blvd, Suite 200Metairie, LA 70002504-780-9202504-780-9291 (fax)Business Hours: M-F 8:30am - 5:00pm