I would need to see detailed expenses and rent history before closing to do my own analysis on cap rate.

List out and talk about every detail openly.

Once you have done those two things, come back and share details we can try to help.

I can go into more detail on that if you want, but don't want to loose too many people on a long post.So my question is this...

This article gave some good info, but the details of how to do things are not there-http://ezinearticles.com/?

Not really relevant to know all those details - and I won't claim to know them either.Originally posted by Kama Ward:...I don't see any tranfer docs to HUD, does this not need to be recorded?...

They should be able to give you correct information and details on how to find the property or what online public records sources you should use.

That might be signing off on asset inventory as you acquire it by both of you which states what the item is and cost and where it is to be stored or any other relevant detail to create yourself a paper trail.

Don't get overly concerned about public liability but you do need to be aware, keep properties in good and safe condition, know the rules and conduct your business with attention to details and you should be fine and carry insurance....And I believe Texas has an LLC that limits liability to a subject property safeguarding other business assets, which is unique, I suggest you simply form your business in Texas.

See these other threads where I have posted more details about this:http://www.biggerpockets.com/forums/93/topics/74037-great-wholesale-deal-but-little-time-what-do-i-do?