Just being educated enough about our financial and legal system can make wonders happen though.

I know more than one legal firm that seems to like commercially zoned houses to operate out of.Now I have a nonconfrontational, while honest question and could use an equally honest answer.

I would recommend that you meet with your legal and tax advisors and think about structuing a tenant-in-common structure or TIC where each investor acquires a direct interest in the real estate as a tenant-in-common and the overall property is governed by a tenant-in-common agreement.

Disclamer: I am not a certified legal representative you will need to contact you local tax attonery to verify the any and all questions you may have, including the above statement.

No news since.Before launching a lawsuit, I would like to know what legal ways I have get my money back ( like puting a lien on his house or whatever action that would put pressure on him, quickly)Thanks in advanceVanilla

The taxes currently being paid are lower than your acquired tax bill when purchased (via re-assessment or purchase price as the case may be).Also, you left out administration costs, accounting, state business taxes, legal fees, and the cost of an entity (assuming you will use one for this property).Assuming the new tax basis will be at least $3250, and adding in the other expenses, you are looking at an NOI of $23,542.

Because, if you do what you propose that now means that someone can go after your assets in both states, by having just one legal entity.

How about management, advertising, entity maintenance, insurance, evictions, setouts, legal fees, damage done by tenants (in excess of the security deposit), lawsuits, utilities (at least during vacancies), capital expenses (not technically an operating expense), etc, etc, etc?

to cover some legal stuff.

After a few thousand more on legal fees, I got my judgment but have not collected anything to date.