My inbox is filled daily with deals from pretty much every wholesaler I can find operating in Memphis and these days there are a ton of them.99% of the deals on offer are in such bad areas you wouldn't drive down the street let alone own a rental there.

TD Ameritrade and Shwab will open such accounts.We have many clients just operating out of either a bank or brokerage, and some that have both types of accounts within the LLC.

I am not concerned about age of building...it's really all about location and the opportunity for value add and increase the net operating income.

And when I did my bathroom floor I used this as a guide:  .https://www.younghouselove.com/operation-stencil-the-subfloor/ .

Welcome to BP Miami is a very expensive and competitive market it will be hard to operate with no money.

All in, we both have 75K a piece in the property.This family member decided they would prefer to cash out, and let me take over rental property operations. 

There is an hours requirement but also it states that you MUST spend more time on REI than any other activities(s) A read a tax case not too long ago where a surgeon tried to qualify because he self managed his whole portfolio, yadda yadda...Ultimately the IRS said you're in the Operating room for 10 hours a day 6 days a week.

I've done a fair amount of background reading on the topic, but am looking for a lawyer with experience structuring real estate equity/debt deals to help me draft operating agreements and promissory notes as well as provide some guidance on my Private Capital strategy.Thanks in advance for the recommendations!

You shouldn't have to do this - though I found it very helpful and informative.My PM only operates in a few select neighborhoods so don't think they would work for you.

Not only is it loaded with chemicals and now illegal to use in my market, it is insanely thin.