Have you ever had a situation that made it difficult to properly disclose everything?

As mentioned above, the properly formed and maintained entity can be helpful to protect against a civil liability for negligence for example.

Anyone have any experience with something similar is welcome to share, or just any thoughts in general are welcome.If you want to avoid the hold up I would close on the properly titled property with the title insurance and buy the separate lot in a different transaction.

The Commission spearhead a joint effort with the North American Securities Administrators Association and the Financial Industry Regulatory Authority to ensure coordinated State regulation and adoption of measured regulation that is transparent, responsive to the needs of small businesses for capital, proportional to the risks to which investors in such offerings are exposed, and capable of early implementation and ongoing enforcement. 4.

The courts are requiring professional representation to ensure the landlord is truly separated from the entity.

My only caveat that I'd like to share per my broker is that listing agents tend to underestimate operating expenses so if you're planning to conduct a transaction without buyer representation, make sure you know how to properly analyze the property on your own.  

Tenants who have been screened properly generally will not destroy your property and will usually give you notice, allowing you to market the property while still occupied, have a new tenant lined up ready to go, and move them in very soon after the prior tenant leaves.  

No Property Manager can "guarantee" that there won't ever be vacancies, but a good PM will ensure that any vacancy period is short.

I plan to deduct that amount from my profit on the deal, but I wasn't sure if I would need to submit some documentation to partner and to the IRS to ensure I do not have to pay income tax on his portion.

It is properly appreciate better.