Some of my guests have asked if friends can stay an extra night or whatever and that’s usually fine.That brings up another point.

Get the deals going first, build some equity and cash flow, set them up with proper insurance and umbrella insurance coverage, establish proper maintenance and property management, then look into structures, entities and strategies for asset protection.Here, a diagram to help you on this path:

Set backs are not proper, one water meter serves both properties, and sewer for one runs under the other house.I know I'm in for something close to $50K in engineering and filing fees to do this, but my question is: is anyone familiar with engineering /architecture firms here that are pros as far as getting this done, ie, it's what they do? 

Most of the features need to be activated and set up manually and procedures need to be in place in order for it to work properly. 

Later that night two different buyers called me and told me they didn't want me to list the home because they wanted to buy it.

So whether your son gets it as a gift and in a year or so sells and 1031s it, or whether you gift part of it to him and then you both sell and 1031 as tenants in common - both would be proper use of the 1031 exchange. 

It seems backwards to me, but those facebook ads and late night infomercials of people sitting on the beach sipping cocktails while their bank account explodes are very tempting I guess... 

Asset protection,Reside in CA, and read about RE investors having the option to start a LLC in NV that's within a trust and also purchase an umbrella personal liability insurance policy (upwards of a $1m - 2m+), to give aspiring RE Investor the proper business structure, security and protection in case of the inevitable lawsuit and/or other costs of doing business. 

However, last night I had attended webinar hosted by Brandon Turner where he walked us through an analysis of a rental property.

I will look up on how to properly clean it up and send my friend who's in the area to do it.