I'm assuming the GP generated income and all of the income should be exempt?

Run your numbers and make sure this home will generate enough cash flow to keep the bills paid.2.)  

We'd like to simplify the next generation's responsibility and sell one third to one partner in a cash out deal.  

This has generated a wave of litigation over whether (1) the statute of limitations even applies to foreclosures and, if so, (2) when a cause of action to foreclose "accrues" for limitations purposes.The answers to these questions vary from state to state.

I am an active investor in the Phoenix, AZ area and have recently been generating a solid amount of leads in the Bay Area.I'm looking to network with some hungry investors/wholesalers!

1% is more realistic, the higher the better, and hopefully 1.5 or 2%.The reality is that having sufficient rent to generate positive cash flow dictates what you can pay for a property as opposed to the price of the property determining the rental rate.

The 2nd $100K would generate only $500 or so additional per month.

This will generate rent payments to the LLC's actually owning the property. 

It is probably the most significant thing to happen to the Austin RE community in a generation, in my opinion. 

I'm brand new to real estate investing and enjoy all of the content here at Bigger Pockets.My goal is to generate passive income through turnkey rental real estate.