What are the defined consequences?

And I would definately be willing to Live in the garage Chris.

Although not rocket science, it was definately something you could mess up.

So when you say financially free, are you defining that as cash-flow from RE covers expenses?

I think any new or potential agent should have some sort of business plan defining requirements for success.

The Co-owners have discussed the co-ownership of the Property and have concluded that to avoid conveyance and ownership problems created by death, bankruptcy or insolvency, disputes and the like, it is in the best interest of each Co-owner that the holding of the Property be governed by an agreement which defines the rights and obligations of each Co-owner in the form of this Agreement and in compliance with IRS Revenue Procedure 2002-22. see link to IRS site.

Account Closed  I'm not a foreign person, as defined by IRS, but foreign investors are very active in the Texas market, as well as others.  

Definately when full price offers are getting ignored in my business model of high cap rate deals only, means I have to move on.  

LLC is best, it defines member responsibilities, distribution etc.

I can't imagine you would acquire 50+ properties without a defined exit.