You do nothing but collect a check and have tax depreciation based on your individual situation.

I assume we will just treat this as ordinary income for the company and split it according to our by laws at the end of the year with our individual K-1s.My questions is , does this sound accurate?

One thing I learned about working with seniors as a financial advisor is that they like income, but don't like headaches which could be a reason they're looking to move on.  

FORECLOSURE: A seven year waiting period is required, and is measured from the completion date of the foreclosure.A three year waiting period is permitted if extenuating circumstances [EC: non recurring events that are beyond control that result in a sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations]  can be documented and the lesser LTV of 90% or the standard product guidelines.

Any recommended individuals or small firms would be greatly appreciated.Thank you

But went about it this way because I am closing on other properties in my own name right now so we used just the father's financials to qualify for this particular one, and the mortgage market does not allow lending directly to an LLC anymore.Simply put, our goal for tax reporting is to divide all rental income for this one property equally in to thirds, and to do the same for all expenses (mortgage interest, taxes, insurance, repairs, etc.).

And thus I have to find other financial mean, outside of my career, to find the means to make sure he has what he needs.It amazes me how many different paths can be set upon with REI, the question is always 'which is the right path for me?'. 

"Disregard" is how I feel with most of the Big name financial gurus.

If I was the party suffering damages, I would sue the broker, the owner(s) of the brokerage firm individually and the individual agent.

My background is in the commercial real estate financial markets.