It's serious business and the lawyers hope for settlement (since they have a hard time proving a real recognized hazard in court) for thousands of dollars.

If you haven't listened to the two episodes where he appears you probably should but you should also recognize that he's a salesman more than he's a real estate investor.4) for new investors you should seriously consider Brrrr5) multifamily commercial is an attractive asset class6) Brandon Turner is focused on mobile home parks7) David Green he's an impressive investor and frankly is more interesting than Josh Dorkin to listen to8) everyone who is interested in real estate investing would benefit by at least occasionally listening to the BiggerPockets podcast.9) real estate investing is not for everyone and it's important that you understand your goals before you start investing10) if you're thinking about investing your best bet is probably to do it sooner rather than later.11) go big or go home.There's a lot more I could say about the podcast but I will say this I really enjoyed listening to them but I don't think that any person should try to listen to them all in one year.

It is used to recognize the gain and what is allocated to basis.  

Here's something to consider (or at least be aware of):Hoarding Officially Recognized as Mental DisorderBad News for Landlords, Hoarding is Now Recognized as a Mental Disorder

Do we need a state recognized entity/partnership, or can we just have a lawyer draw up an agreement outlining the above?  

He's a nationally recognized JD/CPA.

The assignee, it has been often said, is placed ‘in the shoes’ of the assignor.Illinois law recognizes the distinction between the assignment of a right and the delegation of a duty and recognizes that an assignment can involve merely the transfer of a right.

I would have expected that people in their 30's who pay their own water bill would recognize a running toilet, especially in a small home where the bathroom shares the wall with the master bedroom.On the plus side, these tenants have given me plenty of opportunities to practice being firm and "the bad guy" with low consequence problems. 

We're pretty excited to be included in Forbes' list of 7 Investing Podcasts You Should Download Today.We appreciate all our listeners, and when we're recognized by an organization like Forbes for our efforts, we get a little giddy.Thanks to everyone for listening to the show and for supporting us.  

If the value of the investment property portion is less than the net sale price of $490K (ish) you will recognize and realize some (or all) of your tax liability.