You should formalize that partnership with an operating agreement.

. - Paperwork: I prefer inspectors who provide their report and suggestions in a nice organized folder.

I have been told be careful not to pierce the veil and always have a notarize Operating Agreement that specifically stating that members cannot be required to put in more money and are not responsible for debts (although watch out for personal guarantees) or liabilities etc (many other things should be in the operating agreement beyond the scope of this post).

Reviewing the operating budget will give you an idea of risk for special assessments and potential fee hikes.

You experience will serve you well as you look to start fresh and operate from a more professional level.

They'll first calculate average Net Operating Income, computed by property, from the previous two years tax returns.

For quick evaluations, you can use the 50% rule which states that 50% of your gross rent will go towards expenses (operating, capital, and vacany).

I'd read through all the laws pertaining to your operation.

,Is this LLC operating as an S-corp or as a sole proprietor?

It pays to belong to some REI clubs and local trade organizations, to do business as locally as possible, and get as many live references as you can.