Tenant screening, advertising, legal fees, maintenance, property management, etc.

Michael, I'm not a lawyer so seek competent legal advice, but here is what I do.

Jon, regarding your question (and mine as well) on keeping legal with the SEC, I found this companies website.

I have been itching to get into a topic like this.Who can blame a company for attempting to avoid or legally shelter themselves from taxes?

I always thought it would be something like:Buy a house at price XRent it out at Price YReap profitsI didnt know there so many legal stuff that you have to go through and so on.

But you'll have to come out of pocket any time you have a vacancy, any maintenance, advertising, legal fees, evictions, tenant damage, deductibles for insurance if there's a problem, etc.

(unless you've got 20+ properties, in which case you might want to open a separate LLC just for PM of all the units) If there is a legal employment agreement (or "work for hire"/independent contractor) in place between the LLC and you the employee, then only the assets of the LLC can be attached in a judgment and your personal assets are safe.

Mike, I started another topic here regarding the legality of bird dogging: http://www.biggerpockets.com/forums/48/topics/21214-help-me-understand-bird-dogging-?

Since I have decided to always carry where legal, I feel it is my responsibility to be able to handle my weapon safely and effectively.I have never had to fire my weapon to protect myself but I have drawn it and in that instant I realized two things.

I postponed everything until Monday because the legal description of the property was too vague and did not specifically mention that I am purchasing two lots.