The "Deposit Cash" asset will offset all the property deposit liabilities.If you ever used it for last month's rent or something like that (please consult a lawyer if you do that), it would then go as income and you'd wipe out that liability on the balance sheet.

Talk to a CA lawyer.

It sounds to me (not a lawyer, no legal advice) that the only exemption you could possibly meet would be if he hires you as an employee, but then he'd have to pay withholding, see link below:http://www.tax.virginia.gov/taxforms/Business/With...If it's worth it to him for it to be you to handle it instead of a management company, then he might be up for it, but he'd have to make sure his employer would let him submit your wages for reimbursement.   

I am starting to research this with lawyers now.

Also, consulting a lawyer to draw up a specific rental lease agreement sounds like the way to go!

I'm not a lawyer, so this is not legal advice.

I have been reading many posts and still confuse about Land trust and LLC.Do i need lawyer for Land trust?

But I am no lawyer, so don't base your decision on me.

IMO, this is one of those "you need to see a lawyer" answers.If by "taxes were sold" you mean tax lien, that is different than a tax sale.

A trial lawyer may conclude that you have little net worth.