Additionally, ensure that all necessary notices for filing an eviction have been posted and properly documented in your records.

Do my 3 associates need to create a LLC to be able to do these renovations or can any individual do them, as long as proper permits are pulled? 

If that’s the case, I’d recommend considering areas outside of Dallas proper where you can still find properties with strong growth potential.Cities like Prosper, Melissa, Princeton, and Anna are excellent options to explore.

It’s a good idea to work with a qualified intermediary and a tax advisor to ensure everything is structured properly and you’re clear on any tax implications.

Of course our big motivation is commission but you can get commission or a referral fee or something in an off market transaction if done properly.

Can anyone recommend software which would accept monthly payments (from me to seller) and create proper 1099 forms for tax purposes at year end? 

Without taking a proper tour of the cabin and only driving by and seeing pictures of the inside.

If anyone who is knowledgeable, please chime in so I can relay such information to my friend so they can have proper step to follow.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Start by serving proper notice of the management change and request payment details.