But, you really should talk to a tax professional about your proper course of action. 

My friend and i are looking for an investment property here in Orlando FL. It will be the first of many properties to come and i want to start off the right way. Can anyone recommend weather we should get the mortgage...

I had one inspector tell me he could fail every house on the street, but he was very lenient because the tenants were nasty.The courts will require a rental registration for an eviction.Good luckBobSo far I've had 2 of my Cleveland proper properties get the random inspection... both passed with no issues.

Think about it, you could use that money to buy Jr. a home free and clear and let him work and save his earned money 100% to do whatever he wants with, such as buy a new car (or support his family properly like a man).

It's all about properly screening tenants and doing your due diligence on everyone.

Your report doesn't appear to be properly linked, @Tyler Keepers.

We're planning to do a cash-out refi but our CPA also suggested that we transfer the deed to our LLC's name for proper legal coverage.

What would be the proper steps to take to make sure that partnership is fair and protected?

I’m hoping to get some advice on this matter so that I can avoid blindness to potential risks and to be able to ask the proper questions (of him and the current note holder).

They are hard to maintain properly frankly.