Make sure you talk to a lawyer and don't take advice from some yahoo on the internet ;)Obviously the answer is always "it depends," but here are a few factors to consider:Is this a disregarded entity (or put a different way, is this a single-party LLC, i.e., just you or you and your spouse)?

Readers are advised to seek professional advice.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If you suspect funny business:Do you have any relationship to this tenant other than in a professional capacity?

You need to be aware that your e&o insurance will not cover you when you are a party to the transaction.

Marine Palamutyan - Are you strongly against sharing your kitchen / laundry with other cool professionals like you that you pick and interview?

I want to get some advice from professionals like you and what my next steps should be.

The licensed, bonded, and insured professional electrician you hire will "pull the permits".

It's your job to identify it when it happens and learn how to handle the situation in a calm and professional manner.

You can have a JV agreement drawn up that you use again and again just changing the parties, the properties and the amounts.