I am not one and I do not know the legalities of this.

Nothing for vacancy, long term capital (even if its rehabbed, if you plan to hold for 20 years you'll buy roofs, furnaces, ACs and other pricey items), routine maintenance, make ready costs between tenants (some, but not all, may be covered by security deposits), legal expenses, lengthy evictions, accounting expenses, etc.Now there will be some months, most months even, when you only expenses are the PM, taxes and insurance.

Talk to a real estate attorney in your area and ask them if its legal.

Is this legal?

The bank is under no legal obligation to sell the house on a short sale.

It may not be legal to put apartments in this building due to zoning restrictions.

Help you define the appropriate business structures, both from a legal protection and from a financial/tax perspectiveHelp you create a tax strategy for your business that will allow you to legally keep as much money as you possibly canHelp you make smart decisions with respect to your individual real estate investmentsPrepare your annual tax returnsRecommend other team members (attorney, insurance agent, real estate agent, etc) who can help make your business a successWhat are your credentials?

You may want to see legal assistance in creating a solid one.

So don't look at it as a substitute for good insurance or fair and legal business practices.With an LLC, you can file taxes as an S-Corp, as long as you make the designation ahead of time, by March 15th I believe.

I have not legally changed my address and my renter is late again, almost a month now.