I understand the fundamentals involved in selling real estate but this is the first time that I'm dealing with a condo(actually 2nd but the 1st time was during the boom and likely made a bunch of dough by accident - lol).

I will go ahead and e-mail you.

To clarify, the only LLC requiring a C and SE form is a single member LLC that accepts the default tax status, and, operates an active income business.A residential rental activity is a passive income business and the disregarded entity LLC would still put all the LLC income and expenses on Schedule E (not C and SE).

I buy where I think fundamentals will increase rents and values.

More money in managing Multifamily and Commercial.I personally do not have the mindset for it.I focus on the transaction side of buying and selling and doing my own investment.If you do want to practice property management you will need to ask your head broker if their E and O policy covers property management.Many times it does not.Some insurers won't write the policy or if they do it will be 2 to 3 times more per year in cost.Property management is the most sue happy of all categories.Development comes in a close second because of multiple parties money involved and lenders,phases of construction etc.Commercial then short sales and foreclosures.Plain vanilla residential purchases are considered the lowest risk for insurers that are regular sales.If your broker wants to do it or you are the broker then have a separate brokerage with a corp.This way the policy and company is separate and if you get a big lawsuit and lose you can shut down that part without affecting your main brokerage and other E and O policy.I might eventually have a commercial property management company but it will be completely separate and I will have someone else run it.I would just have it to appease my clients.I am still thinking it over.I would rather run a 100 unit apartment building then 100 houses with multiple clients and personalities,etc.One set of regs to keep up with,same rents,one set of papers,one client etc.

.- Patrick Henry - I have totally cleaned this e-mail from all other names, sending it to you in hopes you will keep it going and keep it clean.This is something I will fight for and I hope you all read it all the way through.

Since you are a SM-LLC the rental income and expenses would be reported on a Schedule E on your Federal 1040.

He won't return a phone call... he just replies to us via e-mail.

Submitted offer 11 Jan- closed in e.

Call your E/O and ask if you can get insurance and MOST will say no.