First time out, a consultant would be a good investment.

Please consult your tax advisor, and yes you make the copies of every check, and keep records of all expences, it will come down as to if you do a schedule C (business) and depending on the state llike in california after 8 deals you have to have a license.

Management of an LLC is generally less time-intensive than management of a corporation, and the opportunity to pierce the corporate veil is more likely with a more complex entity.But again, consult a CPA and/or attorney...

At the end of the day, please consult with your personal tax expert.

I agree with Jon, you need to consult an attorney.

Just in case you sell your properties, you want to make sure you have all your paperwork organize so your money doesn't get tied up.But consult an professional with all of this.

I think I will need to consult with an attorney (after I Find one in DFW - any recommendations?)

Otherwise, consult an attorney, as the RE laws vary by state, and clauses that may legal in one state may not be in other states.

They are pretty strict on what you can do without having a license.With that being said, I know many consultants that call up lists of investors and find those looking for properties in a particular area.

I consulted my attorney about backing out of a FNMA deal before (we were 5 months past the contract date and I had over $40K in EM tied up), and my attorney reviewed the addendum and said, "I could see a judge ruling either way on this one..."