Disregarding the fact that writing this information down is an excellent business practice, and just good common sense, are there any legal advantages to having things like this written down?

Disregard everything that has been said in this thread so far.

You can search for "calculate cash flow" or "50% rule" here on biggerpockets.You have left out quite a few expenses and disregarded repairs completely.

** just saw link above, please disregard**

I disregarded that advice (sorry Wendy).

sorry, disregard the last post.

., a disregarded entity) for tax purposes. 

Account ClosedI wasn’t aware this was a multi family home, so disregard my comment which was related to a single family.  

@Dustin SalmonAssuming you can have a Solo 401k (self-employed with no full-time employees), here is a framework of determining whether you can contribute this income to a Solo 401k:1) The threshold issue is whether this income is earned self-employment income (e.g. reported on Schedule C in the case of single-member LLC that is taxed as a disregarded entity).

Most investors biggest mistakes when approaching GCs is demanding lower prices with complete disregard to the contracting companies minimum profit margins(they have to make money too).