utm_source=newsletterYou can find a glossary of some acronyms here: https://www.biggerpockets.com/rei/real-estate-abbreviations/You might also want to read: The Ultimate Beginner’s Guide - https://assets2.biggerpockets.com/uploads/user_file/file_object/329/UBG_2018.pdf...actually the entire section: https://www.biggerpockets.com/guidesBP has a whole section dedicated to education and starting up - https://www.biggerpockets.com/intro-to-rei/overviewGet busy with the entire Education section on BP:https://www.biggerpockets.com/hubs/property-typeshttps://www.biggerpockets.com/hubs/financehttps://www.biggerpockets.com/hubs/strategyhttps://www.biggerpockets.com/hubs/finding-deals/analyze-dealshttps://www.biggerpockets.com/hubs/property-management (including TENANTS MAINTENANCE)https://www.biggerpockets.com/hubs/business-operations (and the sub section on REAL ESTATE MARKETING TOOLS & TECHNOLOGY TAXES & ACCOUNTING LEGAL TEAM)One way or another you will pay your "real estate tuition" - either in time, effort or money.

Many members are experts in their respective fields related to real estate investing, whether that is real estate brokerage, wholesaling, flipping, buy and hold, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.There are some pretty cool discounts on various products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/pro

IMO that's just as important, if not more important (arguably) than legal structure.

An LLC is a legal entity that doesn't exist at the federal tax level.An LLC can be taxed as a Disregarded Entity, Partnership, S Corp, or C Corp based on number of members and elections made.An S Corp is a federal tax status (that many states also follow) that doesn't exist in the legal world.An LLC taxed as an S Corp vs a corporation taxed as an S Corp is the exact same at the federal level (there are potential state differences).

From my business school days in college, I specifically remember learning that a legal contract is anything two parties agree on, including a hand shake, so I wasn’t too worried about it.

I've never heard him suggest that one way or another I would expose myself legally from under my LLC. 

Explain in the letter that legal action will be taken to reclaim the amount they owe. 

Wholesaling is legal.

Corporations are considered separate legal entities, so the dealer status does not pass through to you as an individual.The other issue to consider is self-employment taxes. 

Trying to evict the tenant, but not sure what loopholes are available or if we should seek legal help!