The owners of both estates passed away (in the home), which resulted in the family members taking ownership. 

If you have complicated assets or ownership structure, or other areas that need specific legal protections, its important to have an attorney set up an LLC that meets these specific needs.  

In your experience, what are some of the most important components of a rental house rehab that lead to successful ownership of said rental house?

The second thing I learned was how to remodel, including demo, working with contractors for the things I couldn't do, like some plumbing and electrical, and general home ownership things such as taxes and basic maintenance.

UBIT is assessed on a 401k or IRA with income from equity ownership of an active trade or business.

I could also decide to make more profit to get a W2 salary and get retirement plans contribution.Last but not least, it is also a good practice to separate operation from ownership for asset protection.

It is at this point a commodity with the majority of ownership in the hands of the wealthy.

So I'm not sure why you would want to do it, unless you are really a partner in the property..... i.e have some ownership or equity in the propertyIf you want to be the PM of your friends unit, then act like a pro PM would act...... the owner pays all the expenses and they pay you for your management.

Hi Jesse, I believe you are drawing an incorrect conclusion re use of trusts to title MF in, over all you'll find ownership to be LLCs for commercial property, including MF.You will need to find how to access public records for deeds and security deeds (mortgages) for your area. 

However, you may find it difficult to qualify as a real estate professional with a full time W-2 job...unless your spouse is an RE professional...or you have equity ownership in your W-2 job and it is involved in a real property trade or business.If this is anything more than a hypothetical I encourage you to discuss with your CPA/EA.