You would have ongoing filing requirements with the State and would need to keep business records and documentation.You also want to look at whether a pass-through entity helps your bottom line and your taxes.

Inexperienced investors tend to (1) get exited about deals without having the experience, knowledge or ability to properly determine if indeed the deal is good, bad or mediocre, (2) take what the seller says as gospel not realizing most sellers will exaggerate, lie and or withhold vital information to get what they want, (3) engage people who will provide opinions for free rather than pay a competent professional, (4) get emotionally caught up in the deal and very defensive when receiving an opinion or information that doesn’t support their dream, and rationalize that more experienced people who point out flaws are “jealous, negative or haters”.Btw, no one can provide any knowledgeable answers to your questions without first analyzing the deal, your ability to come up with a down payment, your credit capacity and banking relations, if you have a track record, your experience with similar property ownership, etc.

On the county probate records website should I be pulling the list based on the deceased date or the date the petition was filed?

(for the record I don't ask her to do that). 

Records from your county courthouse will show you who filed to open the probate case.

There are far better investors with actual track records of investing with books about investing who offer down to earth, tried and true strategies. 

Hi
I am in a situation where I need some advice. I recently bought a 2 unit multiplex which has section 8 tenants. This property is in Tarrant county TX. Before closing the previous owner gave us leases and based on...

He does not have any records of expenses, so I would assume 40%. 

I don't think that would have been possible without have a long relationship with a single lender and a strong track record of performance.

In year two, it may still be too high if you claim any purchase- or setup-related deductions during your first year income tax return (i.e. say you net $20K on the Airbnb property, but you claim $8-9K in depreciation and $10-12K in furnishing expenses; the tax record will reflect that you lost money when you in fact improved your cash position by $20K).