My attorney advised to prevent that, I should record the P&S contract in the public records, if no other sales contract are on file.

Then, when you file your taxes you can include depreciation on the property as an expense to further reduce any taxable income you might have. 

.• Each county is different but rural counties in GA are generally easy to deal with when it comes to landlord/tennant filings.

@Henry GuPlus there’s loopholes like working as a contractor and paying yourself a massive 401k As the employer, filing taxes Married filing separately one year and addending it a year later to get the married brackets a year late but not have your spouses income count toward your repayment.

Does this affect tax filing at all ?

You start to see some interesting things when you 'join' this against the city Assessor file, in regards to how many actual units the Assessor is saying exists, and the number of units being licensed through the city.It also provides a road map for violations, and the 'tiers' to work off of, changes of ownership...

I heard someone mention something about filing taxes separately..

You can always file a DBA, if you decide to keep the existing LLC. 

I understand stuff happens, so I had my pm speak with her and let her know if this continues I will have to file a notice to pay or quite . she wrote me a check this month, come to find out the funds were never in her account and her checked bounced!

@Justin Carter - I uploaded it https://www.biggerpockets.com/files/user/chicagobrie