He would not receive a w-2, he would receive a K-1 to show his receipt of income.With the LLC filing as an s-corp this is only a tax classification, no board meetings required or anything.

"they owe the bank $295,000"NO according to YOU she is on title but not the mortgage.If that is true she owes NOTHING to the bank.She just has a partial ownership by title with a property that is underwater in value.Even if it forecloses she can milk some more months as a "tenant at will" before the bank can get her out.Usually they will offer "cash for keys" for her to move.This time of year with court delays for evictions it would most likely take the bank awhile to get her out.She could always try to get the husband to sign an "authorization to release" from giving her the authority to speak about the loan to her.With an underwater house most owners/tenants just care about the mortgage payment.Example house was worth 200k but now worth 130k.Mortgage payment is currently 1,600 but owner/tenant wants payment of 1,100.The bank might readjust the loan payments rather than foreclose and take a big loss.It depends on what type of loan it is and who owns it and workout options.If you bought it for cash at foreclosure then she could stay as a tenant and you have her sign a lease and she rents from you.The details will be based on a state by state basis with time lines and risks involved.She could try to buy the note at a discount or get an investor to try to purchase it on a short sale and rent to her etc.The confusing part of your statement is you said she had 150,000 cash but yet recently filed bankruptcy.Are your sure the husband didn't file bankruptcy and she received the money from the proceedings??

Now I started suspecting about the inspector as well.I do not have an inspection report in front of me now but will check it to see if the inspector picked these problems up when he inspected the property.Now, after receiving advice from all people on BP, I am leaning toward contacting this PM to say that I would like to terminate the management agreement because I am not happy that they never asked for my prior consent for repairs despite the agreement expressly requires.If they try to charge the termination fee, well then we will have some disagreement....

Thanks for the reply Chris,I've been telling the people verbally the process, but normally I don't say much until I received the document filled out.

Hello BP friends,I am closing on a house next week and receiving private financing from a family member for the purchase.

He also receives higher than average market rents by NOT taking a security deposit, thereby opening up his market to several renters who have the income, but not the savings.Will his methods work in other areas?

I've begun researching companies that handle checkbook LLC IRAs and I received some info from the Security Trust Company stating they will charge a 2k set up fee which includes setting up the LLC and handle all other costs for an annual fee of .98.

Yesterday I received a call from my Title Company saying I need to write them a check for $10k.

I received that information through another channel as a partial explanation for why companies omit these items from their ROI illustrations.

Okay hard money pros...Scenario:-A fully licensed real estate (deeds...not money) broker in California wishes to make hard money loans at very high interest rates in trade for aggregating money sources for fix-and-flippers and providing the fund apparatus where they can pool investors' money-The broker/lender inserts a choice of law provision in the contract stating that the laws of California apply-The broker/lender loans on projects in other statesI read in other posts that people have received advice from attorneys stating that the choice of law provision somehow "imports" the rules of Cali and allows one to lend at usurious rates.