I understand when purchasing/titling properties and therefore holding or selling properties, in the name of your LLC, you create and operate a separate and distinct entity. 

They are in their 60s now and have adult kids , but just those two smallish buildings were able to create generational wealth.

This means they pay $900 per year to this fund, and that means for every 100 units that signup, we generate over $90,000 in additional income that goes right to the bottomline.

While I am younger than Patrick I am on the same track as he is ( I am 45 and currently manage 15 properties while working full time)  And would like to most likely exit completely at age 60 and find something truly passive yet still give me as close to the yield I am generating now (between 14 and 22% annually) I don't expect to get the returns I am making now on my rentals while self managing but at age 60 I hope to scale down my cost of living as well and not require as much, plus I will have 401k as well as social security so my plan is to have multiple streams of income. 

That might help decide the type of property your going to live in, the price range, and where.When you thought you were starting the mortgage process you most likely went to lead generation sites.

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Let's project this out shall we:1 - If each deal takes 18 months (assuming they are all the same) to fund/cash, and...2 - Each deal generates $7k (with all being perfect) at a cost per deal (in cash) of $85k.Goals:1 - $100k/year ~ $8k/month2 - Needs 14 properties to =~ $100k/month3 - 18 months * 14 properties = 252 months (21 years), and that doesn't include the time each deal takes to find, negotiate, finance, close, put a tenant in, etc...or any problems with the properties along the way.4 - Total cost out of pocket (not counting surprises):  $1.2M

They paid tax on $450K but sheltered the other $340K of profit, eliminated their mortgage and ended up with passive income for the rest of their lives.Option 2 would be To sell for $850k and generate $550K in cash. 

I will state first see an attorney who is experienced in putting together entities.In the operating agreement is where you are going to want to put the accountablity issues front and center.

Where could that money be used to generate that much value?