I have been underwater with the IRS when I was young due to bad tax advice and I can tell you that it’s survivable no matter how bad it sucks.

We took our lumps, survived, and moved on. 

We go into "expense management" mode and everything gets tossed into capex.

This will put me back in acquisition mode to start 2019.

All the new regulations on my industry are making it very difficult for companies like mine, under 50 employees, to survive.

So I am now in the mode of never trusting people who don't share the risk with me, though we are still good friends, I am very careful and selective now.

What type of help are you asking for, with more direction perhaps we can give targeted advice/assistance.In absence of specifics I would recommend ensuring that you know the following1) current going rent for similar size 3br/2br within about 2 blocks of your new property2) specific information and/or service you will use to screen potential tenants3) understand your expenses and identify candidates for reduction [e.g. water saving shower head, water saving aerators, weather stripping leaky windows, etc)4) source of potential tenants to target, method to gain their attention [fliers, online, rental service, etc.] 5) Needed repairs and/or improvements to get the building to 'operations' level - meaning so that you will be in standard maintenance mode instead of constant repair.Just a few items that immediately come to mind.Good luck and let us hear about the experience.

The operating agreement will spell out all the stipulations for the partnership, how cash flow will be allocated, management fees (if any), how the partnership will survive if one of the managing members dies, what do to with members who want to sell their interest in the LLC, etc.As for company structure, each property will usually have it's own LLC, also known as a special purpose entity.

I'd be interested if some of you could either poke some holes in all this, or just offer advice based on what you've gone through as a landlord that wouldn't have survived if you were this far away from your property. 

My rental agreements also clarify that E-Mail IS THE PREFERRED MODE of communication RE any/all issues and that verbal discussions are NOT binding.