In case it is a single member the taxes are done on your personal return.If you want a more professional treatment I suggest you contact Borders and Borders real Estate Attorneys.

I'd suggest getting as much financial details from the owner and actually researching to ensure that what you are being provided by the seller makes sense.  

If you perform the repair personally, you have to be reasonable in charging fair market rate. eg. if it takes 1 hr of your labor for some handyman's work, $20-30/hr is reasonable, even you're probably paid much more in your own line of work.My suggestion is to first fire the PM who obviously wanted to skim some profit by inflating the repair cost while exposing you to lawsuits (remember you're in CA - a blue state and San Jose - a city with rent control).

@Bruce Runn  can you offer me some suggestions?  

I would suggest that because they are smallish commercial properties so I think brokers don't bother with them much.

You can stand to make the most amount of money on C class or D class, but also can loose the most amount. 

can't stand liars!!!

Also, because I stand behind my decisions, I have varying management rates depending on if I placed a tenant or if the owner placed them; because I know the tenants I place won't take up much of my time I can charge less.

I am asking for any ideas or suggestions.

I am asking for any ideas or suggestions.