Document your member profit distributions.I met an accountant lawyer recently who suggests filing a separate LLC return as a partnership (1065 k1) instead of on a pass through schedule c or e.

Insurance is 4.5%, so the final price is 1.145 M and there are extra 30k in expenses such as lawyer, inspection and taxes.Here is the deal.

If you really like your lawyer, please add them! 

George Sleweon A good accountant and lawyer would come out to much less, and you get the added benefit of building a relationship for your future accounting/legal needs.

Rate, pre-payment penalty, simple or compound interest, minimum/maximum loan term, fees, payout split, foreclosure process, insurance and beneficiary...Personally, I would ONLY do it through the company name unless it's a good friend/family and someone you can trust.I would also get a lawyer involved to draw up the contract if the partner doesn't have one already.

To your point, lawyers don't get any cheaper because of the asset price either.

The reason many out of state landlords fail is because its a new investor, talking to a realtor, PM, banker, inspector, lawyer, and or CPA that he doesn't know, on a subject doesn't know much about. 

I see you are in CA, assuming the property you are using as security is in CA, consider a standard deed of trust which you can download from any title companies website, e.g, Lawyer's Title. 

A lot of lawyers look for condos approaching their statue of limitations just to drum up business.My boss says when the apartment model stops working because of land basis and everyone starts building condos we are reaching the end of a boom cycleIt is hard to advise on any code related issues but doing lofts with their own individual entries makes them more desirable to a lot of people but may not work in deep building footprints.

He explained that if his buyer did not perform all the proceeds go directly to the company lawyers and that they did not receive any.