Steve - This depends on how the entity that the profits are being retained in was organized.

It appears you have achieved everything through your hard work.More importantly, it appears you have really good relationship with your grown children (I have a rich uncle who prioritized money over the relationship with his children and he hasn't had a relationship with his only son & his grand-children over 10 years.

Congratulation on your organization and goal setting skills.

The rock county market as a whole has grown exponentially for 4 main reasons. 1.

@Anthony Dooley comment +1Also... if you plan on starting a business with anyone (especial friends or family) make sure you create an LLC and have extremely thorough articles of organization that outlines what you will all do when poop hits the fan (getting sued, one person is working more than the others, one person has put in more money than the others, someone wants out, you go into bankruptcy, etc).

Business has grown mostly by referrals over the years and I’ve recently hired a superintendent to help.

If it's a larger organization, feel free to inquire about their different staff qualifications.2.

@Reggie Bullock you could partner with local organizations who need the housing for first time buyers, on top of that if you have a lender who won't redline the area and streamline the process it makes selling homes in the urban areas more appealing to middle income owners.

We are simply trying to see about setting up an LLC for the property in the simple from of going through the state (va) online and just paying the online fee to register our business instead of going through a Lawyer to draw up a the articles of organizations...and paying more.

Or offer to help them fix up a unit for free.Real Estate Agent Invests themselves Responsive Hungry Tech-savvy One-on-one supportTo find: ReferralsAfter you find 3: Sit down with each of them Lender(s) Start looking now and start building a relationship with a few Contractors and handymenHow to find: Ask for referrals Check references The 6:00 a.m. home depot trick Ask store employees Make them compete Bookkeeper Keeps you organized and get your taxes ready CPA Looks at the bigger picture Saves you money in taxes Ideally, someone who specializes in real estate Lawyer Helps you set up leases and other forms and prepare you for the best legal entity for holding the properties Help with evicting a tenant Advise on any sketchy situationHow to find: Ask for referrals Insurance agent Ideally a broker Property manager Cost around 11% of monthly rent Interview a couple to get the detailsCh. 5Analyzing a Rental PropertySunday,September 8, 20199:20PMCalculating IncomeTo determine rent, look at: location Number of beds and baths Amenities like ac, parking, and appliances SizeHow to determinethese: Constantly scan the local paper (daily and weekly) Check craigslist often Check the competition and property management companies’ websites Read “for rent” signs - call the phone and act as a tenant to gather info Talk to other landlords - look for REIA When your unit goes vacant, bump up the rent Too many applicants = price too low Check the MLS (multiple listings service)Estimating Rental ExpensesEasy to calculate: Mortgage — mortgage calculator Interest rates - ask a lender Insurance — call the insurance salesman for quote Water — call the local water department Tenant can pay Sewer — call local water of sewer department Tenant can pay Garbage — call rubbish company Tenant can pay Gas — call the gas company Tenant can pay Electricity — call electric company Tenant can pay HOA fees — call HOA president Snow removal — ask local landlords or snow removal company Tenant can pay Lawn care — ‘’ Tenant can pay Property management — Ask local managers in the area Usually around 10% of monthly rent and 50% of a first months rent (just call it 11% Incase they charge a fee) Even if you don’t want the manager now, you will eventually.