I'm genuinely interested in your comment, V.G Jason.I think of absolute value as buying the future cash flows of a single asset (preferably at a discount!).

And I didn’t know what kind of financial situation he was in.

Property management fees at 6%, friend will take 4% for asset management.

Usually, this saves my clients money because I pretty have all the financials done already.It's true that CPA focused on real estate is preferable, but it is also important to make sure your book is maintain throughout the year.

Hello BP Community, can anyone provide insight on the practicality of using a living trust to hold rental properties vs an LLC for asset protection?

I want to get started in investing and I want to protect my personal assets.

HaleyThere are different ways this can go. 1) if you acquired the property in the current year, you would put the assets in your depreciation schedule just as any other asset and take the benefit of accelerated depreciation. 2) If you did a retroactive cost seg, you have to file for 3115 and take the adjustment as section 481 adjustment3) If you did the cost seg on the properties that were acquired last year(only one tax return has been filed), you could amend your return from the prior year. 

Was this all Class A assets?

If she is financially stable it shouldn't be that hard. 

Since I think we can all agree on the answer as no - a court would not look at that as an arms length transaction and thus give you zero asset protection (note not a lawyer just someone with some common sense)