Hey Donna - I assume you belong to different REIA organizations there in San Diego and hopefully you belong to the largest REIA in that area.

There are plenty of auto mechanics who operate their garages under an LLC or corporation.

4) Do LP's typically receive a preferred return on sales proceeds or only on operational cash flow?

My real estate experience is in owning and operating a mobile home park, but this seems like a small deal that we could handle.

That person being YOU.I may not handle the operation side of my properties forever, but since it is my business, I at least want to know how to do each aspect of it competently.

Here is some good news for small operators!

Other solutions, while not as clear cut, and not as profitable, could run as little as $2,500.00 in start up costs, with no real ongoing costs to speak of, and is probably the only practical strategy for a smaller operator.

Surely your time is valued, so how do you organize your time, what is your routine, just anything us young pups can learn from...Reason I ask is, I'm working professional, work 50+ hrs a week, who wishes I have more time to focus towards my short and long terms goals in RE investing.

It takes cash to own and operate a large rental property, more than just the down payment.

The name C Corporation is used only to distinguish one taxable entity from another taxable entity (there is no Subchapter C, which governs how a C Corporation is taxed.)Because the "S" simply refers to a section of the tax code, choosing to tax an LLC as an S Corporation affect ONLY the rules used to tax the LLC - NOT the rules to form or operate an LLC, nor the rules that determine the liability of the owners of an LLC.LEGAL REQUIREMENTS & LIABILITYLegal Requirements:The rules to form and operate a Corporation are different from the rules to form and operate an LLC.