It hasn’t been operational for many years.

I’m going to just be a money partner rather than operating partner.

This will provide similar protection without the operational hassle's of an LLC.

Thanks,It looks like a nice cash flow type rental.Too bad it's operated so loosely.I suppose he will have to fix the electric now that it's become public.Old cloth covered arcing wire = a potential fire.I would not be surprised if he gets a ton of offers to buy the place now.A little more curb appeal and it would be a very "cute home".Just my 2 cents. 

I've gotten to the point where I think it's best to have someone else handle the tax side of things - we are starting to get a little complicated, and will only get worse from here on out lol.I've previously taken care of everything myself when it was only 1 or 2 doors, operating as a sole prop, but now I have enough properties and have been doing a decent amount of reno/rehab to warrant 1099s going out and all that jazz - I figured it was time to find someone well versed who can handle such things instead.Any recomendations folks?

It's not terribly difficult to pierce the corporate veil, if you don't operate in a very consistent professional and totally separated from your personal finances manner.

As long as you are the operator, the syndication attorney you use would largely be the same as a fund attorney since he will be under the 1933 SEC Act for both.

Looking to see if anyone has had any luck finding financing for an established assisted living facility (real property w/ separate partnership with operator to run day to day).

Landlords mistakenly ASSUME all PMCs offer the exact same services and operate the exact same way, so price is the only differentiator.So, the first question they usually ask a PMC is about fees - instead of asking about services.This also leads them to ASSUME simpler is better when it comes to management contracts.

At that point you get go back to marketable securities (retail garbage) and live pretty comfortably flying first class.For me its transitioning to stabilized lighter value add apartments as a LP (letting the young proven operators work for me) and NNN, and non correlated investments like infinite banking, life settlements, and IULs.