In that situation, would you just try to find someone trustworthy enough to give you a referral fee say, instead of a formal contract assignment and have them just write up the offer so you aren't tied to it?

They can guide you through the process for disputing the classification and updating the records.Submit an Application: You may need to fill out a formal application or request to change the property records.

It is extremely important that you know the basics of real estate as agents learn for their examinations with the exception of state real estate commission related materials.70%, I'm sure after being here for years on this site, of the questions asked on BP have the answer in the basics of a formal education in RE.Can you, as a newbie (or more most here with years in doing what they do) imagine being able to give an intelligent answer to 70% of all the questions asked on this site after receiving about 2 weeks of training?

If you plan to up the rents, a long term tenants may get disgruntled and file formal complaints.

Wild that you have to submit an RFP, didn't realize it was such formal process!

It is really unfortunate as, to make a long story short, I actually previously held the property in my own name for greater than 1 year, and then quit claimed it to the LLC, after which the LLC sold it within a couple of months.And, in answer to Brandon's question, no unfortunately I/We did not consult our accountant prior to taking the action because around the time of the sale, we were transitioning from our old accountant (who really didn't understand the nuances of real estate), so we didn't have a formal accountant for a few months.Lesson Learned:  Accurate Tax Planning & a Knowledgeable Accountant are Invaluable!

Another option is assuming the existing mortgage, which would involve contacting the current lenders to explore formalizing the arrangement and having the properties deeded in your name while taking over the loans.

Purpose: I'd do the work, they'd be passive generally, but are non-accredited and are friends.Wanted to make it a bit more formal for folks without getting too complicated with legal work, yet set it up in such a way that makes sense for the future.Thanks in advance!

If so, is this something I can get a template of online or do I need to seek one of these documents from an attorney to then present back to attorney signed by both parties to then draft a formal contract?

Explain that a formal letter "pay rent or quit" will be served at the end of the 5th day, or just send an invoice like @Colleen F. suggested, or both?