I don't want this to get to a legal issue, but given the money involved - it might.

I wish I have more tax experience in real estate but I suppose I'll be gaining more as I invest myself and become more involved in the BP community :) My goal is to acquire 70 rental units in 7 years.

I would love to meet investors involved in flipping as well as buy and holders.

The cost involved are couple hundred bucks and don't need an attorney.

@Dan D. turnkey property you are delaying the need to build your own team down the years (assuming they have done solid work in the property) the basic question you need to ask what is the IRR you are trying to target how actively you like to involve. 

I think my lawyer was involved.   

But you want to turn it into a 9-unit residential property, and that would likely require rezoning and whatever else is involved to change the building's intended use.

It's nice having him there to keep an eye out...plus he plows and mows so our tenants get great service.

It takes a ton of hard work and practice but in my eyes, I'd rather put in the sweat for MYSELF than to be putting in that work for someone else who will NEVER value me as much as I value myself.Educate yourself and start your career as an agent on a successful local team.

I started flipping houses in 2007 with over $1million in debt, a $60k tax lien on my credit from the IRS, and no job...oh yeah, and a past bankruptcy (yep, a loser in the bank's eyes).