Actually, DE put a name on this type of entity, but it really is similar to setting up multiple LLC's run by one LLC and this is how the states that do not have a series LLC would treat each individual cell/business as a separate LLC owned by another LLC.

Many of these people never take action, they never get their business systems in place (after all wholesaling IS a business you need to treat it as such), and never begin marketing to motivated sellers, dont learn the contracts etc.

Any other offer that comes in after the executed offer is treated as a BACK UP offer.

During an episode I watched how badly he treated his contractor like trash.

That being said, I also have hardworking, non-drinking straight laced people... but of course these aren't the tenants we are really talking about.My suggestions:-Treat them with respect.

Numbers look pretty good but deferred maintenance will not treat you well in the end.

I will charge my daughter and her friends a below market rental rate - it would still have positive cash flow of several hundred dollars/month after PITI.I will not treat the property as a rental for tax purposes - no writeoffs for anything outside of what an owner occupied home is entitled.Once my daughter and her friends move out (probably 2-3 years down the line), I will convert the property to a legitimate rental property.I think that this would be a good way for me to break into the headaches of being a landlord but am concerned that I may be pushing the ethical boundaries with respect to the mortgage, IRA funds, and tax treatment of the property.

(Although he might treat those workers as sub-contractors, but that is another matter.)He is the GC and wants to be paid as such, but YOU have to pull permits - and then also deal with (possibly failed) inspections?

If you pay real estate taxes the seller owed on real property you bought, and the seller did not reimburse you, treat those taxes as part of your basis.

Second, by making the decision that I will be purchasing the house myself if I cant find a buyer, it requires that I be extra careful with my numbers and due diligence.Basically, if a property looked like a deal, I would treat it as my own rehab.