I originally considered buying one of these properties as a rental, they rent fro around 1100-1200/mo, but after reading about the operating expenses it doesnt seem like I would make any money, maybe just cut even ($650 for mortgage/insurance/taxes, + $600 for expenses is a -50 monthly cash flow).

Im willing to bet responses would go up.

Your best bet is to find one that is, and stick with them.

Of course he has high operating expense ratios.

Finish documenting my Operations Manual2.

To answer the original post, would these questions even be posed if a uniform or commonly used Operating Agreement were adopted in a new or existing LLC?

Wheatie, one of the ideas I still have a tough time with (as it relates to the 50% rule) is how to adjust projected operating expenses for high property taxes.For example, there is a two family house that rents out for 1k p/m, total (12k p/y).

Property Cost $200,000.00 Repairs Needed $50,000.00 Number Of Units 10 AVG Rent Per Unit $475.00 Gross Schedule Income $4,750.00 Vacancy Allowance 10% $475.00 Gross Operating Income $4,275.00 Less Operating Expenses Accounting $25.00 0.58% Advertising 0.00% Insurance $125.00 2.92% Lawn / Snow $- 0.00% Repairs $85.50 2.00% **Since i guess high for repairs, i lowered this down to 2% Monthly Taxes $458.33 10.72% *** Renter pays Utilities Electric $- 0.00% Gas $- 0.00% Fuel Oil $- 0.00% Water / waste $- 0.00% Total Operating Expense $693.83 16.23% Net Operating Income $- 0.00% Property Cost With Repairs $250,000.00 25% Down $62,500.00 Additional Cash Down $- Remaining Balance $187,500.00 Gross Operating Income $4,275.00 Monthly Mortgage $1,875.00 Total Operating Expense $693.83 Monthly Profit $1,706.17 36% profit My formula always shoots higher on the cost to protect me.

Gross Income - Operating Expenses = NOI.

bet ya get farther faster with a broker than you will on your on