Our exsiting 3 way LLC has a great track record, and our Private Investor does not see any need for these funds before that, BUT it is always good to be prepareed for the 'what ifs' I think.Thanks, Dan Dietz That's a really nuanced question; I think you need to sit down with a lawyer in your jurisdiction that (a) understands entity dissolutions, and (b) understands private offerings, and see what options you have.

In my area there are lawyers and law students that call and walk through properties asking all kinds of questions in an effort to get a landlord to slip up so that they can either prosecute or hit you with a hefty fine. 

Get yourself either a agent, to represent you at your expense, or work directly with the seller using your lawyer as backup.  

The incentive might be not serving notice and not filing for eviction this time -- I'm  not sure of the legalities of that -- check with a lawyer!   

I've spoken to a lawyer who recommended I also be added to the Deed of Trust.  

The lawyer he was working with was also well-established in the community (i.e. mentioned positively in local news articles) and the email addresses / phone numbers tied to public records.Nothing fancy here, but these were just some of the steps taken to vet a long-distance business partner in addition to your more typical DD and documentation on the deal and individual.

There are agents, lawyers, CPA’s and battle tested investors of all styles here. 

On the other hand, is this something that most folks end up having a conversation with their RE accountant/lawyer about?

Once all of these numbers are figured in you can see IF the property cash flows and if the return is acceptable to you.Initial: Closing Costs, Appraisals, transfer taxes, title insurance, lawyer fees, etc.Operating costs such as vacancy, Water/sewer(if applicable in your area) PM fee (if applicable), Insurance, Maintenance and repairs, etc. 

None of this is making sense, so I can't help other than say if you you don;t want to play along get a lawyer.