Also, keep in mind that if you do self manage, you do put yourself at more risk for a legal issues.

Signing the lease demonstrates they agree to the terms and then you can hold them accountable.If you don't do this, then the person named on the lease and paying the rent could disappear and you would have no legal authority to charge the remaining three for unpaid rent.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

I won't be able to make the cottage legal rental without living in the primary home myself.

So I contacted the tax collectors office and was told there was a legal loophole and that since the building had been owned by a non-profit for part of the year it would receive tax exempt status for the full year.

After a grace period of 1.5 days give another notice and mention legal action or law enforcement5.

We buy at a discount and pledge our legal right to collect the debt (a collateral assignment agreement) as the collateral for the private capital loan we take out, which is backed by the value of the real estate securing the 1st loan.  

This doesn't replace the need for a MSA that will capture additional clauses needed on a Contractor-SubContractor relationship, this is just a project specific form you would use in addition to the MSA (prepared by your Attorney):This template is for informational purposes only and does not constitute legal advice.

An LLC is useful for two things: anonymity and legal protection.

It separates your personal assets from your business, providing a safeguard if any legal issues arise related to tenants or the property.