Social Security and medicare will be incurred upon any salary issued.

Not that I don't agree with you, but I look at stats that disturb me like the increase in this country's prison population which is up 300% since the early 70's and wonder at what cost are we reaching this 'socially civilized society'?

There was no internet, forums, social media, etc to google.

In an effort to keep BiggerPockets at the forefront of technology and to improve the way you communicate through our site, we realized that we needed to adopt what has now become a standard on the major social networks.We Just Enabled @Mentions on the Forums!

Are there any implications?

Can you think of any legal or IRS implications if we just go ahead with a new note?

Hello,Fist off, I want to thank the organizers of this website, they have done a great job.My name is Benjamin Coggins, I do however have a social name, my friends and relatives call me Kenny.

Is there a group or individuals who think of themselves as landlords with a social conscience?

Just based on what you wrote, I suspect you were convinced to buy a house without really understanding the implications.

-Get tax info (schedule E, C etc) for past several years; -copies of leases AND rental applications (leases generally do not have dob or social security info you may need later to evict)-profit and loss statement - you can usually verify a lot from the local county/state tax assessment website (i.e. water bill, property taxes); contact gas & electric for accurate 1-year monthly average-get permits/licenses: make sure the property is compliant before-hand with lead permits and any state/city lead or multi-unit licenses and inspections-of course the inspection will tell you what kind of deferred maintenance there may be and what you can be looking at laying out the next few years -if you are buying the company (such as an LLC which in turn owns the company) then have an experienced title attorney who handles these also run lien search on both company and property, and update all appropriate filings.