I am starting to make small HML's to developers and investors and I don't know if there are rules I have to follow. What should I be aware of and avoid? Also what accounting issues should I be aware of as well. Wil...

You have an LLC and it has been running like a legitimate business, e.g. you keep separate books in Quickbooks, you have a separate checking and savings account for the LLC, your state and federal filings are in order and taxes are up to date, and the LLC is legal owner of the property.In that instance, the courts might protect the property in the LLC.

You have to love those homes because the time, complexity and restrictions will make you question your sanity.

This process is very simple and once it is done, you will need to get an attorney to give you a legal opinion, but other than that its very safe

I put a bid on a property and they want 10% of the bid price as a deposit and they want to fine me $100 a day that I don't close on the closing date (30 days). and they want to put a 3 month deed restriction on the property that I can't make over 20% of the cost I payed for the property.

I just got off the phone with the recorders office in the state of Ohio and they informed me that in order for the contract to be binding, legal, and recorded in the state of Ohio, it needs to be notarized both on my end (the seller) and the buyers end.

The wholesaler has put themselves into the deal legally.

ok im thinking about buying a 2nd home and renting it out. do i have to get any legal stuff from the courthouse etc in order to legaly rent out my house?

There's a lot of traps involved in flipping properties some of them can get you in legal trouble.

Also, did one land contract where lawyer assured us that if the person walked away or defaulted there would be no legal steps to take recover possession again.