Through the Operating Agreement you will define authority and powers for each of you.

I am pretty sure there are some investors around here that are pretty chummy with some asset managers.

Skimping on asset protection is one of the worst things you can do.

Depends on the authority granted by the By Laws of the corporation if they can set restrictions without a vote.

Time is your most valuable asset in life.

The good news, proper evaluation of any income generating asset is pretty straight forward.

I was once told that asset managers "don't like that" - but I've never, ever had an issue.

He says that legally, this provides much more personal safety for me and my assets.

If not with increased management fee you are looking closer to 60% to 65% cost and not 50% annually.Tenants not directly billed bu the water authority use about 30 to 35% more water monthly and do not report water leaks.If the tenants are not paying then you will have months of lost rent,damage to the units,and reconditioning costs.You need to pay close attention to the EXISTING tenant base going in.Run your own checks on them.The existing landlord might have just filled the building up to dump off crap tenants on someone else.The fact that this property has changed hands so frequently leads me to believe it has serious problems.People get think they get a deal and then want to jump off the burning ship quick before going down.Check title history chain and see if you can locate previous owners,their attorney etc. on documents.You can also look up if a previous corp bought it and the controlling officers.

I'd say the taxing authority is out of luck and so is the next owner and the mistake was allowing such properties to be on seperate legal descriptions and tax bills!